Pensions provider Xafinity, has taken on 340 new SSASs after it acquired Alliance Trust Savings' SSAS business.
Patrick Mill, distribution director at Alliance Trust Savings, said the decision to off load its SSAS business would leave it free to have a greater focus on its platform offering.
'We anticipate significant growth opportunities in the advised platform market over the next few years as a result of the FSA’s retail distribution review and approach to platform regulation.
'Consolidation in the SSAS market has meant that fewer providers can continue to offer the type of broad service offering that Xafinity can provide. Therefore, we have chosen to focus on our core business, where we have a market-leading proposition, whilst selecting a buyer who will enhance the service offering to our SSAS clients.'
Andy Bowsher (pictured), director of Sipps at Xafinity, said strategically, the deal made sense for both parties.
'Alliance Trust Savings is handing over the administrative complexities of a product which is no longer core to their service offering and Xafinity will ensure these clients quickly benefit from our scale of technical competence and operational depth,’ he said.