A wrap platform has bought a Sipp provider which had its assets frozen by the regulator earlier this year.
Platform One has acquired Salisbury-based Gaudi Trustees, including the £1bn in Sipp assets currently administered by Gaudi Limited.
The platform has gained the appropriate permissions to run a Sipp, and the deal will take Platform One’s assets under administration and on technology to £2.7bn.
Earlier this year, the Financial Conduct Authority prevented Gaudi Regulated Services from disposing of assets without its approval, meaning it had to seek written consent from the regulator before selling any assets.
As part of the deal announced today, Gaudi’s existing clients will gain access to Platform One’s services, including custody, Isa management and technology.
Gaudi Limited will be re-branded to Platform One, but not immediately.
Chief executive of Platform One, Alex Cowan-Sanluis (pictured), said: “Gaudi has a highly complementary proposition to ours, and its experienced team bring a deep range of technical knowledge and administrative expertise to our growing business.”
Head of implementation at Gaudi, Adam Burwell, said: “We’re excited to plug our Sipp into Platform One technology and become part of a more holistic, technology-based offering.
“The shape of this acquisition also means we can continue to offer our existing clients a wider service without interruption.”
In November 2018, Gaudi Regulated Services took on 4,000 clients formerly served by troubled Sipp firm Greyfriars.
At the time, Gaudi Regulated Services said it had taken on 2,000 Sipps and 2,000 individual savings accounts from Greyfriars Asset Management, which had made an application for insolvency earlier the same year.
This was a separate book from the Sipp and Ssas business sold to Hartley Pensions in October 2018 and saw Gaudi's regulated subsidiary appointed as operator.
sally.hickey@ft.com
