Mattioli Woods' subsidiary City Pensions has acquired the pension admin business of UK Wealth Management, part of Ashcourt Rowan, for up to £355,000.

The deal comprises an initial consideration of £275,000 plus deferred consideration of up to £80,000, subject to revenue and client retention targets being met during the two years following completion. The acquisition is being funded from the group's existing cash resources.
UK Wealth Management was acquired by Ashcourt Rowan in 2014. The acquired business provides trustee and administration services to over 400 Sipp and SSAS schemes, with total funds under trusteeship of over £190 million.
In the year ended 31 December 2013, the portfolio generated annual revenues of £335,970 and on completion MW estimates liabilities being acquired to be £87,000. The acquisition is expected to be earnings enhancing in the first full year of ownership, following "synergies and other benefits from combining the assets and activities of the 'Pension Business' with those of Mattioli Woods."

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Ian Mattioli, chief executive of Mattioli Woods, said: "City Pensions provides administration services to Ashcourt Rowans' Sipp and SSAS clients, as well as other IFA organisations throughout the UK.
"It was acquired by Mattioli Woods in August 2010, acquiring over 1,088 schemes, which has grown to 2,245, whilst the assets under administration have increased from £300m to over £750m. By working with other professional intermediaries and clients, we have a high-quality, well resourced, and fully compliant administration platform.
"We continue to see legislation affecting these markets and creating opportunities for consolidation, which is a key part of our growth strategy."
Jonathan Polin, group chief executive of Ashcourt Rowan, said: "Ashcourt Rowan continues to focus on our core businesses. The administration of Sipp and SSAS schemes acquired with UKWM is non-core to our business, and this sale follows that announced last year of Ashcourt Rowan's own Sipp and SSAS business.
"During the last 12 months we have found Mattioli Woods to be a sound strategic partner with the expertise, scale and systems to give the very best Sipp and SSAS administration services to our clients."