Attivo Group reported that this part of its business had been bought by Talbot and Muir for an undisclosed amount.

Stephen Harper, chief executive at Attivo Group, said: "Our focus is to build on and expand our Chartered, Independent financial planning business, and it became clear that our Sipp and SSAS clients were better served by a company with a specialist focus on pensions administration.

“It was important that we found a firm that had high levels of customer service, pensions expertise and that are committed to the market.

“A rigorous due diligence process took place and it was clear that Talbot and Muir were able to ensure top quality administration for our clients. We look forward to working with Talbot and Muir to build our relationship with one of the key Sipp and SSAS providers in the market.”

Talbot and Muir will take over the duties and responsibilities relating to Sipp and SSAS administration previously assumed by Attivo at the end of August.

The acquisition will add approximately 1070 Sipps and 14 SSASs to the existing book and takes TM’s assets under administration up to £1.8bn.

Graham Muir, director of Talbot and Muir, said: “The acquisition of the Sipp and SSAS administration business of Attivo Group is an important part of our growth strategy.

“We are focused not only on acquisitions but strong organic growth. Attivo Group have a well-managed book which is not only a good fit with our business, but will also provide a significant boost to our scheme numbers and financial strength.

“As well as maintaining a strong strategic partnership with Attivo Group going forwards we remain acquisitive and further deals are being considered.”