Personal Pension  

Curtis Banks sees Sipp growth slow ahead of product launch

Curtis Banks sees Sipp growth slow ahead of product launch

Self-invested personal pension (Sipp) provider Curtis Banks has seen the growth of new Sipp plans slow in the first six months of the year, as the firm is preparing to launch a new Sipp.

The provider registered 3,512 new Sipps in the period to the end of June, 22.5 per cent fewer than in the first six months of 2017, when it was 4,534 new plans.

Overall, Curtis Banks administers a total of 77,552 Sipps, up 3.5 per cent from the 74,900 it had at the same time last year and up 1.4 per cent on December, when numbers stood at 76,474.

Assets under administration have grown 8.6 per cent in the year, from £23.1bn to £25.1bn, the company said in a trading update published this morning (6 September).

The provider’s profits before tax increased by 17 per cent to £4.8m, from £4.1m at the end of June 2017, while the operating revenue grew by 7.5 per cent to £23m.

According to Rupert Curtis, chief executive of Curtis Banks, the provider made "good progress" during the first half of the year.

He said: "These results show encouraging growth in profits during a period in which we concentrated on completing our consolidation activities and preparing the launch of our new Sipp proposition."

The acquisition of Suffolk Life was concluded last May, with the number of Sipps administered by Curtis Banks doubling after the deal.

Mr Curtis continued: "We have focused on further investment in the business to support continued organic growth and build on our position as the UK’s largest dedicated Sipp provider. 

"This has involved developing a new sales team and a new Sipp proposition, both of which will be operating in the second half of this year. 

"We are well positioned to grow the business and are also proactively exploring possible acquisitions. The investments we are making across the business put us in good stead for the future, broadening our penetration of the Sipp market and creating further shareholder value."

Mr Curtis will be stepping down from his current role at the end of the year, when Will Self, deputy chief executive officer, will take over as CEO.

Mr Curtis added: "I am delighted to confirm that I will remain actively involved as a senior adviser to the business."

maria.espadinha@ft.com