Suffolk Life has revealed that it will run an execution-only Sipp being planned by Cofunds.
Cofunds has been reported to be working on a Sipp for its execution-only clients.
Greg Kingston, head of marketing & proposition at Suffolk Life, confirmed that Suffolk Life would be running the operation for Cofunds, a sister company.
He said: "Following reports that Cofunds is working on a Sipp for their execution-only clients it should come as no surprise that I can confirm that Suffolk Life will provide this Sipp for them.
"It demonstrates our willingness and capability to broaden our reach to all types of investors, diversifies our proposition and provides a foundation for us to provide similar Sipp-solutions across the whole market."
Cofunds was bought last year by Legal & General which also owns Suffolk Life.
Cofunds is reported to be looking to broaden its range of products and services and one product being planned is a relatively sophisticated Sipp product for Cofunds execution-only clients who include Chelsea Financial Services and Bestinvest.
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