Trust and pensions provider, The UAP Group (UAP) has completed its purchase of Concept Group in Guernsey (Concept).
The acquisition of Concept, which was established in 2004, will further enhance UAP’s scale and capabilities, with the business becoming one of the largest pension providers in Guernsey, employing over 50 people across the Group.
Rob Shipman, Group CEO and founder of UAP, commented: “Our company core values of challenging the status quo, working for our partners and doing things better have been built on our desire to deliver the best client experience. We are a client-focused business, delivering modern solutions, through easy-to-use technology.”
“The acquisition of Concept brings UAP a prestigious and globally recognised pension brand, Aurora, while also adding significant scale to the UAP business. By combining the innovative technological solutions of UAP with the expertise and strong reputation of Concept, we will be in a perfect position to continue enhancing our service while developing new and innovative solutions for the benefit of our clients.”
“Expansion is our focus. We have exciting plans for additional acquisitions in the next 12 months which will further strengthen our offering.”
UAP was established by founders Rob Shipman and James Floyd in response to a gap in the market for a dynamic trust and pension company, utilising the most current applications. On establishing UAP, the team developed a suite of products to meet the needs of people of any nationality, wherever they reside. UAP employs a team of professionals across Guernsey and London, ensuring the rigorous regulatory requirements of each jurisdiction are managed by local specialists.
Concept is a Guernsey regulated and licensed fiduciary business and also a licensed pensions provider. Concept has links to a number of other jurisdictions, specialising in tailored financial solutions including pensions, Trust and company services, family office structures, contracting and payroll and yacht and aircraft structuring and registrations. The business has established a reputation as an innovator, in particular in the use of QROPS, and international pensions for both individual and corporate clients.
The Aurora brand of pensions, which is recognised around the world, will add a number of innovative solutions to the UAP pensions provision, including products specifically designed for residents of the USA, UK, Spain, Portugal, Africa, Middle East, and Asia.
Both the local UAP and Concept pension offerings have been widely adopted by many companies in the island as the States of Guernsey brings in legislation that will make the provision of pensions for all employees based in Guernsey a legal requirement by 1 January 2023. Moving forwards, UAP will continue to develop solutions for its clients and intermediaries.
“I am also delighted to confirm that current Managing Director of Concept, Roger Berry, will become a Non-Executive Director of UAP, alongside Concept’s current Non-Executive Director, Lyndon Trott. Kevin Le Moigne will continue as Group Operational Director while UAP Founder James Floyd will move into the role of Group Commercial Director.”
“We value the experience of the whole team at Concept and look forward to a successful future,” concluded Mr Shipman.
The acquisition was approved by the Guernsey Financial Services Commission (GFSC) on 17th September 2021 and UAP was advised on the acquisition by Appleby Corporate Partner Stuart Tyler.