Ashcourt Rowan group chief executive Jonathan Polin said that the sale of the pension units will help the company to concentrate on core business area.
As per the terms of the transaction, the asset manager will receive a total consideration of up to £1.32bn, comprising an initial consideration of £700,000.
The deferred payments of £625,000 will be payable subject to certain revenue and client retention targets being met during the five years after completion of the deal.
Following completion of the transaction, SIPP and SSAS customers will continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning.
The administration of their pensions will be transferred to City Trustees, pension administration and trustee services arm of Mattioli Woods, according to the agreement.
Specializing in financial planning and investment management for individuals and organizations, Ashcourt Rowan manages a team of over 100 professionally qualified financial advisers and investment managers operating from 12 offices.
