Pointon York SIPP Solutions Limited, a wholly owned subsidiary of Pointon York Group, has acquired two self-invested personal pension (SIPP) companies from EFG Private Bank.

The two companies, Bridgewater Pension Trustees and Halcyon financial Services, are two wholly-owned subsidiaries of the Swiss private bank and currently administer approximately 600 SIPP schemes. The deal will see EFG Private Bank retain an active interest in its clients as part of a partnership agreement. The transaction will enable pension scheme members to retain their current financial advisors and investment managers while Pointon York SIPP Solutions will provide technical information and administration of the SIPP schemes being transferred.

“EFG will be able to focus on its relationships with clients, while benefiting from the experience and technical expertise of Pointon York when it comes to administering SIPPs. It is a real partnership, as evidenced by the fact that EFG will have two directors on the operating board of the transferred business for the first year,” said Peter London, chairman of EFG Independent Financial Advisers.

Pointon York Group is an independent financial services company which has a number of subsidiaries, including Pointon York SIPP Solutions. Its specialist areas include alternative investments and commercial property.