STM Group, the Gibraltar-based, AIM-listed pensions specialist that was in the news last week for having clients in the currently-suspended Trafalgar Multi Asset Fund, has named a well-known London pensions lawyer to its board.
Robin Ellison, pictured, is described by STM as having “extensive experience in pensions in both the professional and academic fields, having been involved in various aspects of pensions since the 1970’s”, and is also a visiting professor of pensions law at Cass Business School. At Pinsent Masons he is head of strategic development for pensions, according to the firm’s website.
He is also chairman and one of the founders of London & Colonial, a UK-based pension fund provider, which was acquired in March this year by STM as it looked to enter the UK Sipp market, in a deal worth up to £5.4m.
Ellison currently works for Pinsent Masons, and was also previously the chairman of the UK’s Pensions and Lifetime Savings Association (PLSA).
STM chief executive Alan Kentish said he looked forward to the contributions Ellison, with his decades of experience in the pensions industry, would be able to make at STM, where he said pensions are “currently our major business sector” and one that “offers considerable growth opportunities”.
As reported, STM Group was revealed last week to be one of an unknown number of pension scheme providers who have clients whose pensions hold stakes in the Trafalgar Multi Asset Fund, which is currently suspended and now appears likely to be wound up.
The news was reportedly broken to these investors in the in the form of an email on 5 December from an executive with STM Fidecs, a division of Gibraltar-based, AIM-listed STM Group, although the company told International Investment that the fact of the probable winding-up was not new, at least not to its own clients.
STM, which was founded in 1989, has specialised in qualifying recognised overseas pension schemes (QROPS) almost since they were created by the UK’s “A Day” pension rule changes in 2006.