AIM-listed wealth management business Ashcourt Rowan has agreed to sell its pension trustee companies, Ashcourt Pension Trustees and Robinson Gear Management Services, and the trade and certain assets of its pension administration business, Ashcourt Rowan Administration, to Mattioli Woods for a total consideration of up to 1.34m pounds.
In an update published on Tuesday, the group said that this comprised an initial consideration of £700,000 with further deferred payments of up to £625,000, payable subject to certain revenue and client retention targets being met during the five years following completion.
The company said that self invested personal pension (SIPP) and small self-administered schemes (SSAS) clients would continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning.
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However, the administration of their pensions would be transferred to Mattioli Woods' pension administration and trustee services arm, City Trustees.
Jonathan Polin, Group Chief Executive of Ashcourt Rowan, said: "The administration of SIPP and SSAS schemes is not core to our business. We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients."
He added: "Mattioli Woods is an organisation that is aligned with our values and has the same view of the broader wealth management market as we do. I look forward to working with the team over the coming years and ensuring a smooth transition for our clients."
Ashcourt Rowan's share price was up 1.20% to 147p at 10:23 on Tuesday.
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