Interactive Investor has appointed BW SIPP LLP, a division of Barnett Waddingham, as its new Self Invested Personal Pensions (SIPP) provider for the UK financial services and UK expatriate marketplaces.
The partnership offers new digital functionality for the SIPP, that will be phased in over the coming months for both Barnett Waddingham and Interactive Investors’ customers, the companies said in a joint statement announcing the deal.
TD Direct Investing (TDDI) was acquired by interactive investor in June to create the UK’s second largest online broker with assets under management of £21bn.
The TD Direct Investing International business – that offers active investing and financial services to expatriates – has been renamed Internaxx and will continue to operate from Luxembourg.
Customers can open the new SIPP as of today via Barnett Waddingham, with the Interactive Investor version ready by December, the company said.
Announcing the launch of the company’s new digitally-enabled SIPP Julia Bassett, partner at Barnett Waddingham, said that she was “excited” to have been selected as the provider and administrator of the product.
Barnett Waddingham LLP is the UK’s largest independent provider of actuarial, administration and consultancy services. The firm works with corporates, trustees and individuals in both the private and public sector, offering advice on a variety of financial products including the provision of SIPPs, SSASs and specialist executive pension plans.
Founded in 1995, Interactive Investor is a trading and investing platforms for private investors. As reported, on 5 June it announced the completion of the acquisition of TDDI. TDDI has served retail investors in the UK since 1998 and globally through its International Business in Luxembourg since 2000.
The combination created the UK’s second largest online broker with over 300,000 customer relationships and AUA of £21bn.