Rowanmoor Personal Pensions has been bought by Alltrust Services with the deal expected to complete in February 2023, according to its joint administrators.
Rowanmoor went bust in September following a series of Financial Ombudsman Services complaints linked to high-risk investments.
The sale of Rowanmoor's self-invested personal pension (SIPP) and family trust business (FTB) comes after a period of marketing by joint administrators Adam Stephens and Christopher Allen of Evelyn Partners. The pair were appointed as joint administrators on 31 August this year with the consent of the FCA.
New owners Alltrust provide trusteeship and administration services for various types of pension scheme including a variety of SIPPs, with a particular focus on offering flexible investment options for its clients, according to the administrators.
Prior to going into administration, Rowanmoor specialised scheme administration and scheme operation of SIPPs and FPTs. It administered about 4,000 SIPPs and 800 FPTs, with a total investment value of about £1.5bn.
Joint administrator Stephens said: "We are pleased to confirm that contracts have been exchanged for the sale of Rowanmoor's SIPP and FPT business to Alltrust, which we anticipate will complete in early 2023 and should provide continuity of service to Rowanmoor's clients.
"This is a good result and we thank all of Rowanmoor's staff for their assistance and the company's many clients for their patience whilst we work to finalise the sale."
Rowanmoor's SIPP and FPT staff will transfer to Alltrust when the sales complete, the administrators confirmed, which they said would assist in ensuring clients experienced minimum disruption during the transfer.
A statement said: "Clients and advisers will receive letters in the coming days which provide further details regarding the business sale."
More information can be found here.
