BROADSTONE, the pensions advice and investments solutions specialists, announces its acquisition of Pope Anderson LLP, an independent actuarial and pensions consultancy; the consideration is undisclosed.
Pope Anderson provides actuarial, general pensions consultancy and investment consultancy advice to employers and trustees of UK occupational pension schemes, administration services to UK occupational pension schemes of all types and establishes and operates group personal pension schemes.
The acquisition is BROADSTONE's first since its buyout from BDO and in line with the Group's strategy to acquire firms with similar business strategies or client base to its own. There is a high level of synergy between Pope Anderson's business activities and those of the trust-based pensions and scheme administration units of Broadstone Corporate Benefits Ltd. Pope Anderson has an impressive list of corporate clients and the acquisition will enable the combined BROADSTONE business to develop its corporate pensions advisory services further as well as its work in related areas such as investment consultancy and third party administration.
The acquisition follows the recent restructuring of BROADSTONE into two distinct businesses to service the needs of both corporate and private clients as effectively as possible. As of 31 August 2012, the corporate stream of BROADSTONE has been operating as a separate legal entity, Broadstone Corporate Benefits Limited. Pope Anderson will be fully integrated in time with Broadstone Corporate Benefits Limited.
The Pope Anderson London team will relocate to the BROADSTONE offices at 55 Baker Street immediately. Pope Anderson's Sheffield office, will create a new regional office for the Group providing a Northern hub for scheme administration and actuarial services.
Following the acquisition, BROADSTONE will have a team of 101 in the corporate benefits business and 220 staff in total across 8 UK locations.
Commenting on the acquisition, Mark Howlett, Chief Executive of BROADSTONE, said:
"Securing this highly respected team from Pope Anderson underlines our future growth strategy in the corporate advisory sector and will enable us to continue to bridge the gap between those who offer financial advice and those who seek it. With a proven track record and a widely recognised expertise within the industry, the team from Pope Anderson will no doubt be a valuable asset to BROADSTONE. We will now integrate the business within the wider Group to ensure that we continue to deliver on our promise of a first class service to our clients."
P A, Managing Partner of Pope Anderson LLP, added:
"BROADSTONE is the ideal partner – a great fit with our business, staff and clients and sharing a similarity of culture and values which our clients value so highly. Our services are complementary and our systems are consistent. This transaction retains the team and expertise at Pope Anderson whilst helping to grow the combined BROADSTONE offering to clients."