The deal will see the Swiss?based bank retain an active interest in their clients as part of a partnership agreement.

Pointon York, independent specialists in SIPPs, has acquired Bridgewater Pension Trustees and Halcyon Financial Services, two wholly?owned subsidiaries of EFG Private Bank.

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The two companies currently administer approximately 600 SIPP schemes.

Pointon York said that the transaction will enable pension scheme members to retain their current financial advisers and investment managers while its subsidiary Pointon York SIPP Solutions will provide technical information and administration of the SIPP schemes being transferred.

Pointon York SIPP Solutions managing director Jo French said that Pointon York is committed to ensuring a successful migration of these SIPPs over the next few months and look forward to building upon the close working relationship that it has developed with EFG Private Bank.

EFG Independent Financial Advisers chairman Peter London said that Pointon York is the partner of choice, reflecting its capabilities and the high regard in which it is held in the SIPPs market.

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"EFG will be able to focus on its relationships with clients, while benefiting from the experience and technical expertise of Pointon York when it comes to administering SIPPs.

"It is a real partnership, as evidenced by the fact that EFG will have two directors on the operating board of the transferred business for the first year," London said.

The transaction has received FSA approval.