On the go: Isio has announced the acquisition of Premier Pensions, subject to approval by the Financial Conduct Authority.
The combined business will be able to offer “a broader spectrum of pensions and financial advisory services to companies and individuals”, Isio said.
The acquisition will enable Isio to enhance its existing administration, actuarial consulting and investment advisory services, while also expanding its business into employee benefits and wealth management, according to a statement.
Following the purchase, Isio will boast 800 staff and annual revenues of around £100m.
Andrew Coles, chief executive of Isio, said: “The UK’s pensions industry is undergoing a significant revolution. Innovative thinking and new ways of managing employer pension responsibilities, employee benefits and individuals’ wealth are required for the future of the UK’s financial services industry.
“Acquiring Premier gives us the versatility to do this by offering new and existing clients the full spectrum of employee benefits advice, actuarial consulting services, as well as wealth management, financial advisory and pension administration services.”
Premier chief executive Alastair Aird added: “Isio’s ambition, its focus on people and culture, combined with its expertise and commitment to clients is very much aligned to our own business and the original proposition on which Dai Smith founded and has grown Premier. Together we see great opportunities to build a much stronger organisation.
“We look forward to working with the team at Isio to bring the two companies together and create a unique position in the market as an agile, fast-paced and complete pension, employee benefit and wealth adviser able to service the whole of the market.”
Isio itself only came into existence in March 2020 following the sale of KPMG’s advisory business to private equity company Exponent.
It began with around 1,000 clients and 500 staff, advising both sponsors and trustees of defined benefit pension schemes while offering a DB outsourcing business and defined contribution consulting.
There were talks at the time that it might look to expand into the consolidation market, currently occupied by Clara-Pensions and The Pension SuperFund, though Coles said that the market would need renewed support from the Pensions Regulator and the Department for Work and Pensions to become a viable proposition for investment.
