Punter Southall Group will nearly double its defined contribution business with the acquisition of Ashcourt Rowan Corporate Solutions.
The deal will increase the number of DC clients for PSG to 800 and will add regional offices in the English cities of Leeds, York and Manchester. Ashcourt Rowan has more than 350 DC advisory clients as well as actuarial and administration services. These clients will have access to investment expertise from across PSG’s business.
Ashcourt Rowan was acquired from the Towry Group, whose core business is wealth management and financial planning.
The terms of the deal were not disclosed. However, a spokesman for PSG confirmed that the entire Ashcourt Rowan Corporate Solutions team would transfer to PSG. The deal is expected to complete at the beginning of November.
“DC has been in the headlines because of freedom and choice for pensions but the real story is that these growing schemes are increasingly seeking more innovative, 21st century investment thinking, not just a default solution,” said Steve Butler, defined contribution consulting managing director at Punter Southall, in a news release Tuesday.