Newly-appointed administrators of Greyfriars Asset Management (GAM), a Leicester-based SIPP provider and financial advice firm, have announced the sale of its pension businesses to Hartley Pensions.
Smith & Williamson, who were appointed administrators on 23 October, said the sale of GAM’s SIPP and SSAS administration business to Hartley followed the recent transfer of the advisory arm of GAM’s business to Insight Financial Associates, which completed on 16 October 2018.
Hartley, which is part of the Wilton Group, is an established SSAS provider with over 35 years’ experience and manages more than £1bn of clients’ assets.
Adam Stephens, lead administrator at Smith & Williamson said: “We are focussed on working with the new owners of the GAM business, Hartley and Insight, to seek to ensure that clients’ interests and investments are protected.
“We have already been working with the FCA and the partners of GAM to ensure the smooth transition of the business divisions.”
The administrators said GAM staff currently working in the SIPP and SSAS business will transfer across to Hartley and as a result they did not anticipate that there will be any interruption to the services previously provided by GAM.
Greyfriars AM was a wealth management business which, apart from the divisions sold to Insight and Hartley, was well known among financial advises for its discretionary fund management service. It promoted a fund called Portfolio Six which invested in a range of overseas property-based schemes including the acquisition of car parks.
GAM was barred by the FCA from accepting new money into Portfolio Six at the end of 2016 and the following year was banned from accepting any new client money across its regulated businesses.
The firm’s DFM business began to wind down in 2017 and is no longer active.
GAM remains an FCA authorised firm and the FCA is continuing continues to supervise the firm.
There is a dedicated help line number and email address of +44 20 7131 8327 and Greyfriars.firstname.lastname@example.org for anyone affected by these developments.