THE Capita Group has acquired Salisbury pensions specialists Personal Pension Management Ltd for an undisclosed sum.

Part of the partnership with Winterthur Life, PPML's parent company, involved Capita purchasing the entire share capital of PPML, which has offices in Castle Street, and providing third party self-invested personal pensions.

PPML is the second- largest SIPP administrator and, as at December 31 2003, had net assets of £2.9 million.

Mike Kellard, chief executive officer of Winterthur Life, said: "We undertook a detailed evaluation process to choose an appropriate long-term partner.

"We have a strong vested interest in ensuring the owner of PPML is of a high calibre, especially as we're placing 10,000 of our most valued clients into their hands.

"Capita has clearly demonstrated that it has the right profile and track record to successfully support us and our customers."

Under the agreement all 400 PPML employees are expected to transfer to Capita. PPML will be renamed Capita PPML and the existing business will continue to be administered in Salisbury.