At a time of uncertainty for many providers this acquisition is a strong statement of intent by Dentons. We believe it is our financial strength and reputation that makes us an ideal partner. We look forward to building a strong strategic relationship.
Godalming, Surrey (PRWEB UK) 10 April 2013
Last week Dentons Pensions Management Limited, leading UK bespoke SIPP and SSAS Providers, announced its purchase of Tenon Pension Trustees Limited for an undisclosed sum and with effect from 26th March 2013.
Tenon Pension Trustees Limited was founded in 1991 and was the bespoke SIPP arm of RSM Tenon, a member of RSM International and the UK’s seventh largest accounting firm offering professional and entrepreneurial services.
Founded in 1979, Dentons has grown to manage over 2000 SIPPs and over 600 SSAS and has spent the last 12 months focussing on an expansion and rebranding plan that has seen new business levels grow by 28%. The latest purchase enables Dentons to expand its existing high value book of SIPPs by approximately 650 plans.
"We have made no secret that we are acquisitive, but it has to be for the right businesses or books of SIPPs. We are therefore very happy with the acquisition as it is a perfect fit for us being high quality and with the same underlying ethos of placing the client at the heart of everything we do. We are committed to the SIPP and SSAS market and despite the current market uncertainty over capital adequacy we are a strong and well capitalised business and an active consolidator." affirms Martyn Rose, Chairman.
David Fox, Director also stated "At a time of uncertainty for many providers this acquisition is a strong statement of intent by Dentons. We believe it is our financial strength and reputation that makes us an ideal partner. We are looking forward to building a strong strategic relationship with RSM Tenon and their advisers. This acquisition is also evidence that consolidation is continuing in the SIPP market, ahead of the final capital adequacy rules."
Last year saw the self invested pension specialists receive a 5 star rating in the Financial Adviser Service Awards, the only bespoke SIPP Providers to do so. With this new acquisition under their belt, it looks like 2013 is going to be an even better year.