UK-based investment platform Platform One has acquired Gaudi Trustees Limited, along with £1bn ($1.4bn) worth of assets managed by Gaudi Limited, a self-invested personal pension (SIPP) operator that has entered administration.
Facts
- Platform One has acquired Gaudi Trustees Limited and the £1 billion worth of assets managed by self-invested personal pension (SIPP) operator Gaudi Limited.
- Gaudi Regulated Services Limited has entered administration, with Sean Bucknall and Andrew Watling of Quantuma Advisory Limited appointed as joint administrators.
- The Financial Conduct Authority (FCA) has said that Gaudi was subject to several upheld final decisions from the Financial Ombudsman Service regarding some of the investments it allowed within its SIPPs.
- Earlier this year, 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.
- Platform One will leverage the acquired technical and administrative expertise to launch its own SIPP platform.
- Gaudi’s existing clients will also gain access to Platform One’s offerings, including custody and ISA management.
- The acquisition takes Platform One’s total assets under administration to £2.7 billion.
