PensionsMay 8 2014

Sipps firm ‘exploring further acquisitions’ as profit surges

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The number of active self invested pensions under administration with Curtis Banks has increased by more than 147 per cent in 2013, largely due to its acquisition of Alliance Trust Savings’ Sipp book.

Curtis Banks said the strong results were due to “significant” organic growth as well as the acquisition of Alliance Trust Savings Ltd in January 2013, as its chief executive revealed it is “exploring further acquisitions in the sector”.

The results reveal that Curtis now has more than 12,000 Sipps under administration. The acquisition of Alliance Trust’s Sipp book at the beginning of 2013 added 6,000 Sipps worth approximately £3bn to Curtis Banks’ books.

Curtis Banks said its assets under administration “increased fourfold” to more than £5bn in 2013 and it saw turnover almost triple to £9m and profit before tax more than quadruple to £3.4m.

Rupert Curtis, managing director of Curtis Banks, said: “These results demonstrate that Curtis Banks is now a major player in the full Sipps market and well placed to continue this growth.

“We offer wealth managers and IFAs amongst the highest levels of personal service in the industry and now have a strong capital base on which to continue to build.

“The year ahead looks to be an exciting one for us. We are exploring further acquisitions in the sector, recruiting more business development managers in Bristol, Dundee and Leicester and are investing heavily to develop our technology systems to offer an increased quality and range of services for our clients.”