Cross-border financial services provider STM Group has agreed to acquire the portfolio, net assets and trustee companies of the Sipp and Ssas businesses from Mercer for a fixed consideration of £3.34m ($4.02m, €3.94m).
It will add some 2,100 self-invested personal pensions (Sipps) and 700 self-administered pension schemes (Ssass) to the UK operation and the deal will double the revenue generated from its UK personal pensions business Options UK.
The acquisition will also give Options access to a network of intermediaries who have introduced clients to Mercer.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.