STM Group has completed the acquisition of Carey UK’s pension business for £400,000, following approval from the Financial Conduct Authority (FCA).

In October, the group agreed a deal to purchase 100 per cent Carey Administration Holdings Limited (CAHL), adding that it was planning a move into the auto-enrolment market via the business.

The deal means CAHL owns 70 per cent of self-invested personal pension provider (SIPP), Carey Pensions UK, and 80 per cent of AE provider Carey Corporate Pensions UK.

CAHL managing director, Christine Hallett, will hold a minority stake in the business.

“We are delighted that the acquisition has now finally been completed. STM's vision for the UK market, both in terms of SIPPs and workplace solutions, as well as their support and resources, makes STM the perfect partner for us to be able to further grow successful and profitable businesses," she said.

At the time of the original deal, Carey Pensions was embroiled in a court case after being accused of using an unregulated introducer to facilitate SIPP investments. STM said it considered “any residual exposure to this and any other historic issue, to be minimal”.

STM Group CEO, Alan Kentish, said: “The two UK focused pensions businesses give us some really exciting options for our growth strategy.

“I have no doubt that the support and stability of STM will allow the Carey Pensions businesses to flourish; they have solid product offerings and a loyal and professional intermediary base."

STM Group said that the businesses will be rebranded within six months of completion.

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