James Hay sells SSAS book to Westbridge

Jenna Towler
clock • 1 min read

James Hay has sold its closed book of small self-administered schemes (SSAS) to Westbridge SSAS for an undisclosed sum.

James Hay has sold its closed book of small self-administered schemes (SSAS) to Westbridge SSAS for an undisclosed sum.

James Hay, which last month bought rival platform Nucleus for £145m, said the disposal was another significant step in its transformation to a "retirement-focused adviser platform".

Westbridge SSAS, based in Leicester, will take over the administration of close to 1,000 SSAS. Some 48 members of staff, based at James Hay's Bristol office, will transfer when the deal completes later this month.

James Hay's SSAS book had been closed for some time, it said. The last scheme taken on was in 2018. Since then the firm has focused its attention on its SIPP platform business. 

Chief executive Richard Rowney (pictured) said: "Westbridge SSAS's specialism makes them a good long-term owner of our SSAS business, and we're particularly pleased they value the skills and experience of our colleagues that are transferring over.

"The sale keeps us focused on our core aim of creating a financial planning and retirement-focused adviser platform, with the scale to enable greater investment in technology, products and service to meet the needs of advisers and their clients."

Westbridge director Nathan Bridgeman added: "We're pleased to be taking on the SSAS schemes currently managed by James Hay, and especially welcome our new colleagues to the team.

"Combining our ambition, with their specialist skills and experience in this complex area of retirement provision, will enable us to develop the book and improve the experience of both the members and their intermediaries."

More on Featured

How advisers deal with the power of online customer reviews   

How advisers deal with the power of online customer reviews   

Number of ‘cold’ enquiries received from online research increases

Julia Bahr
clock 22 February 2023 • 4 min read

Chris Read: Onwards and upwards

Thankfully, lockdowns are over (for now) and it's time to emerge from our caves, writes Chris Read in his final pandemic-penned column for RP

Jenna Towler
clock 07 October 2021 • 5 min read

RP case studies: Ill-health early retirement

Jessica List looks at an ill-health retirement case study where a SIPP comes in handy...

Jenna Towler
clock 06 October 2021 • 4 min read

In-depth

Your Autumn Budget briefing: Tax and pensions changes Labour could have in store

Your Autumn Budget briefing: Tax and pensions changes Labour could have in store

Budget comes as prime minister says country 'embrace the harsh light of fiscal reality'

Jen Frost
clock 29 October 2024 • 22 min read
In view: Plotting PFS change

In view: Plotting PFS change

From first operating loss since 2008 to sponsorship, board and revenue changes

Jen Frost
clock 17 October 2024 • 6 min read
Inside look: Fintel's ambitious 'Bloomberg of retail' plans

Inside look: Fintel's ambitious 'Bloomberg of retail' plans

Integration in focus as group pushes pause on deals

Sahar Nazir
clock 30 September 2024 • 6 min read