Sovereign Group, the independent, international wealth management, retirement planning and corporate/trust services provider, has acquired the pensions business of Concept Trustees (Gibraltar) Limited which includes all the pension schemes branded under the Aurora Europa brand.
Under the terms of the acquisition, the trusteeship of the Aurora Europa and Aurora Europa Lite Pension Trusts transferred from Concept to Sovereign Trust International Limited with effect from 1 December 2017.
Sovereign, who acquired MW Pensions Ltd in the UK 2016 to broaden its international pension offering with the addition of a UK SIPP, has now moved to further consolidate its position at the forefront of the international retirement industry with this Gibraltar acquisition.
Gerry Kelly, COO of Sovereign, commented:
“We are delighted to welcome the former Concept pension scheme members into the Sovereign fold.
“The total number of pension clients now serviced from Sovereign in Gibraltar is in excess of 3,600. This coupled with the continued success of, and investment into, our Malta, IOM, Guernsey and UK pension businesses underlines Sovereign Group’s commitment to this industry sector.
“We expect there will be still further consolidation amongst QROPS and international SIPP providers, and Sovereign will continue to acquire, invest in, and develop this sector of the Group’s activities.”
Roger Berry, Managing Director of Guernsey-based Concept Group, said:
“As a result of changes introduced by the UK Finance Act 2017, Concept Group concluded that the potential to grow the Gibraltar based Aurora Europa Pension Schemes has been materially impaired. Concept decided that it is in the best interests of all parties that the existing trustees of its Gibraltar based QROP schemes should retire in favour of Sovereign.
“The Financial Services Commissions in both Gibraltar and Guernsey have been kept fully informed of the change.”