Ashcourt Rowan today announced it has agreed to sell the self invested personal pension (SIPP) and small self administered scheme (SSAS) business acquired with UK Wealth Management to City Trustees, a subsidiary of Mattioli Woods.

UK-based Ashcourt Rowan today announced it has agreed to sell the self invested personal pension (SIPP) and small self administered scheme (SSAS) business acquired with UK Wealth Management to City Trustees, a subsidiary of Mattioli Woods, for a total of £355,000 ($595,598). Ashcourt Rowan completed its purchase of UK Wealth Management in April.

The sale comprises the pension trustee companies, Acomb Trustees Limited, Simmonds Ford Trustees Limited and Ropergate Trustees Limited, and the trade and certain assets of Pensions Administration Limited. Initial consideration of £275,000 is payable together with further deferred payments of up to £80,000 subject to certain revenue targets being met during the two years following completion.

SIPP and SSAS clients will continue to receive advisory and portfolio management services from Ashcourt Rowan Corporate Solutions, Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However, the administration of their pensions will be transferred to Mattioli Woods’ pension administration and trustee services arm, City Trustees, according to a statement.

In 2014, Ashcourt Rowan said it had entered a conditional share purchase agreement with Duke Street General Partner and certain Duke Street funds to buy UKWM for up to £14.25 million in cash.

Early in July this year, it recorded a full year pre-tax loss of £2 million, an improvement on the £2.5 million loss in 2013. Underlying earnings improved.