Platform One snaps up £1bn worth of assets from SIPP operator Gaudi
Platform One has acquired Gaudi Trustees Limited and the £1 billion worth of assets managed by self-invested personal pension (SIPP) operator Gaudi Limited.
The deal comes as Gaudi Regulated Services Limited has entered administration, with Sean Bucknall and Andrew Watling of Quantuma Advisory Limited appointed as joint administrators.
A note from the UK’s Financial Conduct Authority (FCA) reads: “Gaudi was subject to several upheld final decisions from the Financial Ombudsman Service regarding some of the investments it allowed within its SIPPs. Gaudi’s board of directors recognised the financial liabilities associated with these decisions and other potential Financial Ombudsman decisions.
“Having obtained the advice of insolvency practitioners and concluded that the firm is insolvent, the board decided to place the company in administration.”
Earlier this year, FT Advisor reported that the FCA had imposed an asset restriction on Gaudi Regulated Services which required the firm to get written consent from the regulator prior to selling any assets.
With the deal, Platform One will leverage the acquired technical and administrative expertise to launch its own SIPP platform.
Platform One says it has gained the relevant permissions to run a SIPP alongside the deal and, with an “experienced group of new staff”, will offer a more holistic offering to its independent financial advisor (IFA) users and their clients.
Gaudi’s existing clients will also gain access to Platform One’s offerings, including custody and ISA management.
Gaudi Limited will be rebranded to Platform One in due course but will remain as it is for the time being.
Platform One CEO Alex Cowan-Sanluis says: “Gaudi has a highly complementary proposition to ours, and its experienced team bring a deep range of technical knowledge and administrative expertise to our growing business.”
The acquisition takes Platform One’s total assets under administration to £2.7 billion.