Ashcourt Rowan, a UK-based wealth manager, has agreed to divest its SIPP and SSAS business to City Trustees, a subsidiary of Mattioli Woods for a total cash consideration of up to £0.355 million.

Ashcourt Rowan has obtained the Sipp business through the £14.3 million acquisition of advice firm UK Wealth Management in April.

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The deal will comprise an initial consideration of £275,000 in cash with a further £80,000 payable over two years depending on revenue targets being met.

The acquisition includes the pension trustee companies, Acomb Trustees, Simmonds Ford Trustees and Ropergate Trustees, and the trade and certain assets of Pensions Administration.

Under the terms of the deal, SIPP and SSAS clients will receive advisory and portfolio management services from Ashcourt Rowan Corporate Solutions, Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning.

Additionally, the administration of SIPP and SSAS pensions will be moved to Mattioli Woods’ pension administration and trustee services arm, City Trustees.

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Jonathan Polin, group chief executive of Ashcourt Rowan, said: "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," he added.