15 Jan 2016 | 12:35 pm |
International law firm Pinsent Masons has advised Legal & General Group plc on the sale of Suffolk Life, one of the UK’s leading providers and administrators of self-invested personal pensions (SIPPs), to Curtis Banks Group plc for £45 million. The acquisition is subject to an underwritten placing by Curtis Banks Group plc and regulatory approval, both of which are expected in the first half of 2016.
Suffolk Life specialises in SIPPs, and administers around 26,500 plans, including 3,600 commercial properties. Assets under administration were £8.7 billion as at 30th November 2015. The business was established in 1971 and is based in Ipswich.
Legal & General is disposing of non-core businesses, and focusing on core activities where it believes it can achieve significant scale and attractive returns on capital. It disposed of Legal & General France, Legal & General Ireland and Egypt in 2015.
The multi-disciplinary Pinsent Masons team advising on the deal was led by corporate partner Hannah Brader supported by corporate solicitor Emma Dawe. Specialist pensions advice was provided by Simon Laight and Sarah Fry.
Hannah Brader commented: “We are delighted to have advised Legal & General on the sale of Suffolk Life. This transaction involved a multi-disciplinary team across our insurance and wealth management practice and is further evidence of Pinsent Masons’ corporate expertise in the financial services sector.”
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