Financial details of the acquisition were not disclosed.
Consolidate its position
After buying MW Pensions in the UK in 2016 to add a UK Sipp to its international pension offering, Sovereign has now moved to further consolidate its position in the international retirement industry with this Gibraltar acquisition.
Gerry Kelly, chief operating officer of Sovereign, said: “The total number of pension clients now serviced from Sovereign in Gibraltar is in excess of 3,600. This coupled with the continued success of, and investment into, our Malta, IOM, Guernsey and UK pension businesses underlines Sovereign Group’s commitment to this industry sector.
“We expect there will be still further consolidation amongst Qrops and international Sipp providers, and Sovereign will continue to acquire, invest in, and develop this sector of the group’s activities.”
Roger Berry, managing director of Guernsey-based Concept Group, said: “As a result of changes introduced by the UK Finance Act 2017, Concept Group concluded that the potential to grow the Gibraltar based Aurora Europa Pension Schemes has been materially impaired.
“Concept decided that it is in the best interests of all parties that the existing trustees of its Gibraltar based Qrop schemes should retire in favour of Sovereign.
“The Financial Services Commissions in both Gibraltar and Guernsey have been kept fully informed of the change,” Berry added.