Private equity backed firm My Pension Expert has bought advice firm Tenet&You for an undisclosed sum.
The independent financial advice service specialising in retirement, received a cash injection from mid-market private equity investor Palatine in 2022.
Tenet&You, which previously operated as an appointed representative of the Tenet Group, will add £490mn in assets under administration, taking My Pension Expert to approximately £1bn of assets under influence.
It will become an appointed representative of My Pension Expert with all clients moving across, becoming part of the group.
Andrew Megson, chief executive of My Pension Expert, said: “This marks our first acquisition, and we look forward to continuing our growth and strengthening our offering in the years to come.
"We’re an ambitious business, and the entire team are excited to continue driving My Pension Expert forward in the years to come.”
Stephen Vickers, chief executive of the Tenet Group, added: “My Pension Expert has a strong reputation and we are pleased to have secured a home which not only matches our culture but one which also champions the benefits of independent financial advice.
"We wish our colleagues every success in the next phase of their journey under exciting new ownership.”
My Pension Expert relies on telephone and video-based services to deliver its advice nationally.
In 2022, the pension advice service launched the first version of its new app called ‘Insight’.
Clients can use the app to track their pension transfer applications and receive notifications on application updates.
The plan, over the coming months, was to allow users to access information regarding their pension savings and investments, as well as to contact My Pension Expert’s advisory team, through the app.
alina.khan@ft.com
