Curtis Banks adds 8,500 new Sipps

Curtis Banks adds 8,500 new Sipps

The self-invested personal pension (Sipp) provider Curtis Banks registered 8,798 new cases during 2017, reaching an overall Sipp number of 76,474.

This represents a 2.1 per cent increase from its figures in the first six months of the year, when it was providing 74,900 Sipps.

At the end of the year, the firm had assets under administration of £24.7bn, up from £20.4bn at the end of 2016.

Attrition rates on own Sipps have remained in line with previous years, at 5.7 per cent.

Group cash balances at the end of the year amounted to £25.4m gross – up from £21.5m in 2016 - and £7.7m net of debt – an increase from £0.5m at the end of the previous year.

The 2017 figures will be the first to include full year results for Suffolk Life, the company reported in a market update.

This transaction was concluded last May, with the number of Sipps administered by Curtis Banks doubling after the deal.

According to Rupert Curtis, chief executive at Curtis Banks, 2017 has been a year of building on "already strong foundations and aligning the Curtis Banks and Suffolk Life operations, as well as achieving high organic growth".

He said: "We have made significant progress and are now well-placed to drive the business forward in 2018."

Curtis Banks also announced the appointment of Dave Stratton as group sales director.

Previously head of the IFA distribution function at Axa Wealth and Elevate, Mr Stratton will combine and develop the sales processes across Curtis Banks group companies and increase organic sales, in conjunction with a new aligned brand and revised product offering, the firm said.

Curtis Banks year-end results will be announced on 15 March.