The acquisition will give Momentum Pensions Group full control of MPL, and is intended to allow the acceleration of its growth in the UK domestic market.
The purchase of the majority stake comes two years earlier than expected, which Momentum Group chief executive Stewart Davies puts down to strong growth across the group’s UK and International business.
“We are very committed to the UK domestic market alongside the international market and being in absolute control will allow us to achieve further growth quicker,” he said.
“We continue to invest heavily in the Group to ensure that we maintain growth, as well as making sure we provide unrivalled levels of service via our administration teams in four jurisdictions.”
Following the completion of the acquisition, Davies said the structure of the group would remain the same.
The completion of the acquisition comes after the group purchased a 50% stake in the Manchester-based company, formerly known as Calderwood Pensions, In October last year.
Calderwood rebranded to Momentum Pensions Limited following the purchase.
Alongside its existing offices in the Isle of Man, Malta, and Gibraltar, the purchase gave Momentum a UK presence, which Davies said at the time would allow it “the flexibility to offer the most suitable product, after securing the right advice”.
