Capita buys Aspen's consultancy services
UK - Pensions administration group Capita is expanding its position further into the consultancy space with the purchase of actuarial consultants Aspen for an undisclosed sum.
Capita Hartshead is already the largest pensions administration organisation in the UK but is now edging into the pensions management arena, having also purchased pension consultant and service provider Higham Dunnett Shaw earlier this month for £15m.
The technology service provider said its latest acquisition is designed to "add valuable new expertise in the delivery of ‘full service' pensions administration capability for small and medium sized businesses".
As part of the deal, its Capita Trust division will also take on Aspen's pensions trustee business, which has 60 staff, including seven actuaries, based in London.
Capita is gradually increasing its position in the pensions management and administration market through new business wins and acquisitions. The firm recently won the contract in June to provide pensions administration to the £407m (€m) Borough of Kensington and Chelsea pension fund.