Equiniti Group has sold its Sipp business to Close Brothers Private Equity (CBPE).
Xafinity Consulting, a wide ranging business dealing with pensions administration, corporate pensions and trusteeship, and which is also a Sipp and SSAS provider has been sold to CBPE.
The transaction is expected to be completed during the first quarter of 2013. Terms of the deal have not been disclosed.
The Equiniti Group was created in 2010 by bringing together the Xafinity pension administration, software and consulting business with the outsourcing and share registration provider Equiniti.
Wayne Story, Equiniti Group chief executive said: 'Our strategy is to develop the Equiniti Group as a market leading specialist business process services provider...We fully expect both businesses to continue to work in close partnership in key areas of mutual interest in the pensions market.'
Equiniti will continue to have a presence in the pensions market. It currently administers the pension benefits of nearly three million scheme members, pays over 30% of UK pensioners and supports over 10 million pension scheme members with its software.