Financial services provider STM Group has acquired Berkeley Burke (Financial Services) and Berkeley Burke Employee Benefits Consultants for its pension solutions arm, Options UK.

The businesses will be integrated into Options UK, with the aim of strengthening the firm’s position in providing self-invested personal pensions (Sipp), small self-administered schemes (SSAS) and workplace pensions.

STM Group bought 100 per cent of the share capital in a deal worth up to £2.9m, with an initial payment of £1.4m plus an additional £1.5m, dependent on existing business and opportunities in the pipeline.

The two businesses are separate from Berkeley Burke Sipp, which was bought by Hartley Pensions in 2018.

Options UK managing director, Christine Hallet, commented: “This is great news because it will significantly strengthen our position in the UK market, and it’s an important development in our growth strategy based on offering advisers and their clients a genuine, solutions driven service to help them plan for their tomorrow.”

STM Group said that it will be “business as usual” for Berkeley Burke’s clients and employees.

“We are really pleased to get this acquisition under our belt,” added STM Group CEO, Alan Kentish. “It has been a long time coming but we needed to find the right acquisition for us.

“The SSAS business fits nicely within our existing operations and complement our continued expansion in the UK pension scene.

“The employer benefit consultancy business builds on our desire to diversify and become stronger in marketplace.”

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