The busy period of consolidation and expansion across the UK pensions and investment landscape has continued, with two further industry acquisitions making the news this week.

Royal London announced that it has completed the acquisition of Dalmore Capital, a UK-based infrastructure investment manager with around £6bn in assets under management.

The move, initially announced in May, was completed on November 3.

BNP Paribas, PwC, Longspur and Herbert Smith Freehills advised Royal London and RLAM, while Rothschild & Co and Slaughter & May advised Dalmore Capital.

The move is expected to enhance Royal London’s private assets capabilities and expand its presence in the UK infrastructure market, amid growing demand for real assets that provide stable income and positive social and environmental impact.

Dalmore, which invests in essential UK infrastructure supporting the transition to a more sustainable economy, will continue to operate as a standalone business under the ownership of Royal London Asset Management (RLAM), alongside its servicing arm, Resolis.

Royal London Group CEO, Barry O’Dwyer, said the acquisition would enable the firm to offer pension savers access to “long-term, stable returns” through infrastructure investments while reinforcing its commitment to support the UK’s economic and sustainable growth ambitions.

RLAM CEO, Hans Georgeson, added that the deal marked “a significant milestone in broadening our private assets capability to meet the changing needs of clients”, highlighting the strong strategic fit between the two businesses.

Dalmore CEO, Michael Ryan, described the transaction as a “strong endorsement” of the team’s track record and the prospects for UK infrastructure investment.

Meanwhile, InvestAcc Group has completed the acquisition of AJ Bell’s Platinum self-invested personal pension (SIPP) and small self-administered pension schemes (SSAS) business, taking its total assets under administration to £9bn and expanding its customer base to more than 18,000.

The deal will bring 3,400 new customers, 46 employees, and new adviser relationships into the group, alongside the addition of a Manchester office.

The acquired businesses will operate under the new InvestAcc Platinum brand.

From 3 November, InvestAcc Pension Administration Limited assumed responsibility for the administration, operation, and trustee services of the Platinum SIPP and SSAS schemes.

However, clients and advisers will continue working with their existing administration teams, with no changes to pension schemes, investments, or fee structures.

InvestAcc said the acquisition was part of its “buy-and-build” strategy to become the UK’s leading specialist pensions administrator.

The firm's CEO, Will Self, added that the deal “represents a key step forward for InvestAcc Group, reinforcing our commitment to delivering high-quality pension services while expanding our reach and capabilities”.

Platinum SIPP clients will also gain access to new features, including commercial property and land investments, cash management platforms, and an online portal offering real-time SIPP information.

The moves follow several recent acquisitions in the industry, as the industry continues the push for consolidation.

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