Insider Media Limited

Pointon York SIPP Solutions, based in Market Harborough, has acquired two self-invested personal pensions (SIPP) companies. The purchases were made from EFG Private Bank, which said it intended to retain “an active interest” in both businesses.

Pointon York, which specialises in SIPPs, has bought Bridgewater Pension Trustees and Halcyon Financial Services, two wholly-owned subsidiaries of EFG Private Bank. The two companies currently administer about 600 SIPP schemes.

Through the deal, Swiss-based EFG Private Bank has agreed to remain involved in its clients’ businesses as part of a partnership agreement.

Jo French, managing director of Pointon York SIPP Solutions, said: "Pointon York is delighted to have been chosen by EFG Private Bank to work in partnership with their clients. There are more than one hundred SIPP administration providers in the UK and we have been chosen following a stringent due diligence process.”

Geoffrey Pointon, chairman and group chief executive of Pointon York SIPP Solutions, described the agreement as “a watershed deal for our company”.

He added: “It marks the start of a strong working partnership with EFG Private Bank, defined as more than Pointon York simply acquiring specific assets, but with us significantly adding to the value and quality of service that already exists between the bank and its customers.”

The acquisition has received FSA approval.