Pensions trustee business buys rival

AN independent North West business which provides trustee services to pension funds has acquired a rival, adding greater regional coverage and skills.

2020 Trustees, based at Albion Wharf,  Manchester, has bought Nottingham firm Alexander Forbes Trustee Services  for an undisclosed sum.

The enlarged firm will have a staff of 23 and more than 100 clients.

2020 Trustees chief executive Anthony Miller said the acquisition would give the firm greater scale, depth of resource and geographical coverage and give it a platform for further growth.

He said: “Over the last 12 months 2020 has experienced unprecedented growth with over 30 clients and thousands of members now benefiting from our high quality, cost-effective, pragmatic and commercial approach to trusteeship.”

The newly combined 2020 brand will service over 100 clients, with assets ranging from under £1m to more than £1bn.

Mr Miller added: “The complementary skills of the two businesses mean we now have experience of clients of all sizes, covering defined benefit and defined contribution designs, straightforward or complex funding and investment strategies, and both healthy ongoing sponsors and those in financial distress.

“In the longer term this will cement our position as the trustee company of choice for the industry.”