UK's Platform One buys Gaudi SIPP assets and trustee firm in £1bn deal

Platform One is set to acquire the operation of more than £1bn self-invested personal pension (SIPP) assets currently administered by Gaudi.

The deal - announced today (26 April) - will also see the wrap platform provider acquire Gaudi Trustees.

Platform One confirmed that the addition of Gaudi staff into its business will allow it to launch its own on-platform SIPP.

"With the upcoming launch of our new SIPP, we will deliver a more rounded proposition for our IFA customers and their clients," said chief executive Alex Cowan-Sanluis.

It confirmed it has gained permissions to run a SIPP alongside the deal and hopes to "offer a more holistic offering to its IFA users and their clients".

Gaudi will be rebranded to Platform One in the future, with the acquisition taking the latter's assets under administration and on technology to £2.7bn.

"We are excited to plug our SIPP into Platform One technology and become part of a more holistic, technology-based offering," said Gaudi head of implementation Adam Burwell. "The shape of this acquisition also means we can continue to offer our existing clients a wider service without interruption."