Momentum 'interested in acquiring SIPP providers'

Momentum has achieved growth of 35% in total UK SIPP accounts in the past 12 months as group assets under administration have hit £1.25 billion.

The firm says it has seen strong growth in its average SIPP case to around £250,000 and is benefiting from "the boom in defined benefit pension transfer business as well as advisers’ confidence in its ability to deliver solutions for high net worth clients".

Mark Gaywood, Group Chairman of Momentum Pensions, said: “We are interested in strategic acquisitions of providers as the accelerated growth in SIPP business in the UK is very positive.

“However, any potential acquisitions have to be value-enhancing for us and we are very much focused on quality books of business with an emphasis on standard assets in line with FCA guidance on best practice.

“We are not reliant on acquisitions for growth but do have the capacity through our investment in technology and administration to ensure we can deliver the high standards of service clients and advisers demand.”