Skipton Building Society has sold its financial advice business Pearson Jones to Standard Life plc for an undisclosed cash amount.

The sale is subject to regulatory approval and other conditions.

Pearson Jones offers wealth management, pensions and employee benefits, tax and trust planning has total funds under management of more than £1.1bn. It was owned by the Skipton for 12 years.

Tim Johnson, Pearson Jones’s managing director, said: “Pearson Jones’s management and staff are excited to be joining Standard Life to help build a ‘best in class’ nationwide financial advice business.

“Standard Life’s focus on enhancing client service and improving the career prospects of our staff makes this acquisition a very good step in our 40-year history.”

David Cutter, Skipton group chief executive, added: “We are pleased with the way we have been able to develop Pearson Jones since it has been part of the Skipton Group, in collaboration with its management team.

“However, under Standard Life’s new ownership, there are many potential new opportunities for the business to realise and we very much look forward to seeing it flourish in the years to come.”