Arbuthnot Latham new agreemen

RNS Number : 7523V

Arbuthnot Banking Group PLC

02 June 2008

 

ARBUTHNOT BANKING GROUP PLC

ARBUTHNOT LATHAM ENTERS INTO AGREEMENT WITH JARDINE LLOYD THOMPSON

Arbuthnot Banking Group's private banking business, Arbuthnot Latham & Co., Limited, today has announced that it has entered into an agreement with Premier Pension Services, a division of JLT Benefit Solutions Limited. 

Under the terms of the agreement Premier Pension Services will acquire Arbuthnot Latham's pension administration business, Arbuthnot Trustees. The portfolio consists of SIPP (self invested personal pension) and SSAS (small self administered scheme) Arbuthnot clients.  Arbuthnot Latham will continue to provide banking and investment management services to these clients, with plans to promote these services to other Premier Pension Services clients as well. 

This transaction will have a positive impact on future profitability at Arbuthnot Latham. 

Commenting on the deal, Mike Bussey, CEO of Arbuthnot Latham, said:

'We are delighted to be entering into this agreement with Premier Pension Services. Their level of client service made them the obvious candidate with whom we could do a deal of this sort and the Premier Pension Services and Arbuthnot Latham cultures are a good fit.  This deal presents both companies with a number of opportunities and we look forward to working with Premier Pension Services.'

Nigel Manley, Head of Self Invested Pensions, Premier Pension Services says, 'We will be meeting supporting advisers and key clients as soon as possible to explain the rationale for the business transfer and outline the strengths that Premier Pension Services can bring to the portfolio. However, this is a lot more than the normal business transfer transaction. We are looking to work long term with Arbuthnot Latham on various products and services where our combined expertise and markets will complement each other.'

ENDS

Enquiries:

Arbuthnot Banking Group

Tel. No.: 020 7012 2400

Henry Angest, Chairman & Chief Executive

Andrew Salmon, Chief Operating Officer

Arbuthnot Latham

Tel. No.: 020 7012 2500

Mike Bussey, Chief Executive Officer

Steve Hicks, Chief Operating Officer

Maitland

Tel. No.: 020 7379 5151

Emma Burdett

Richard Farnsworth

Notes to Editors

Arbuthnot Latham & Co., Limited

Arbuthnot Latham offers highly-personalised, premium quality private banking services to its clients including current accounts, loans, deposits, financial and wealth-management planning, asset management, and asset financing. With approximately 150 staff, Arbuthnot Latham serves its clients throughout the UK with offices in London, Exeter, Hastings and Manchester.

Arbuthnot Latham & Co., Limited is the private banking division of Arbuthnot Banking Group PLC whose shares are quoted on the Alternative Investment Market of the London Stock Exchange.

About Premier Pension Services

Premier Pension Services supplies a range of SIPP and SSAS services to IFAs, accountants and lawyers and is part of JLT Benefit Solutions Ltd.

JLT Benefit Solutions Ltd (JLT) is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, wealth management, Self Invested Personal Pensions (SIPPs), Small Self Administered Schemes (SSASs) flexible benefits, healthcare, benefit communciation and financial education.

Authorised and regulated by the Financial Services Authority, JLT employs over 1000 professional staff in 11 offices in the UK with revenues of some £81.5m. 

JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson Group plc.

As well as being a major provider of employee benefits services and related consultancy advice the Jardine Lloyd Thompson Group of companies is a leading risk management adviser, insurance and reinsurance broker. 

Jardine Lloyd Thompson Group plc is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world. It operates out of more than 100 offices in over 30 countries and employs more than 5000 personnel.

http://www.premierpensionservices.co.uk/

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