STM seeks growth through acquisitions
STM, the cross border financial services provider, is looking to increase earnings through an expansion plan that includes acquisitions of pension administration businesses in both the international pensions market, as well as that of the UK domestic market.
The owner of UK SIPP provider London & Colonial said that the first half year results are in line with expectations, pushed by a steady revenue stream and a flow of new business applications, particularly with regards to the International SIPP.
“We look forward to the second half of 2018 with confidence in our robust business model and remain on track to achieve current management expectations for the full year,” STM said in a statement.
The company is looking at acquisitions of pension administration businesses in both the international pensions market, as well as that of the UK domestic market in a bid to further increase earnings.
As part of that expansion plan, the company said that the the integration of the Harbour acquisition, approval for which was received in February 2018, had progressed according to plan. Full integration into STM Malta is expected to be completed by the end of August.
Senior staff will be expanded with the company looking for a chief operating officer to enable the chief executive Alan Kentish to focus on strategy, as well as a new chairman and additional non-executive director. A new group internal auditor has already been appointed.
STM Group, together with its subsidiaries, provides various financial services in Gibraltar, Malta, Jersey, Spain, the United Kingdom, and internationally.
It operates in four segments: Corporate Trustee Services, Pensions, Life Assurance, and Other Services. The company offers retirement, estate and succession planning, and wealth structuring services.
The company is expected to announce its interim results for the first half of 2018 on Tuesday 11 September.