L&G sells Suffolk Life to Curtis Banks in £45m deal

Consolidation in SIPP market continues

Curtis Banks has bought rival self-invested personal pension (SIPP) provider Suffolk Life for £45m from owner Legal & General.

Suffolk Life was acquired by L&G in 2008 for £62m, but the insurer said it was no longer part of its "core business strategy". Curtis Banks said the acquisition would be funded by a share placement to raise £27m, and a new debt and revolving credit facility. Its board believes Suffolk Life is "highly complementary" to Curtis Banks' existing business.   The enlarged group will have assets under management of about £18bn and more than 65,000 SIPPs under administration. The acquisition is subject to regulatory approval by the Financial Conduct Authority and the Prudential Regulatio...