Xafinity Sipp Services, part of the XPS Pensions Group, has reported assets under administration hit £2bn during the year ending 31 March 2018 with bosses boasting they had avoided the route taken by rivals.
The firm's turnover increased by 9 per cent from £4.96m to £5.42m during the year ending March 2018 and profit before tax was reported to by up 36 per cent to £1.54m.
The company reported the average value of its self-invested personal pension (Sipp) schemes is £271,000, compared with an average of £252,000 in the previous year.
Andy Bowsher, director of Sipps at Xafinity, said: "The Sipp industry is currently on a precipice awaiting the verdict of ongoing legal cases which have the ability to cause more financial instability and the potential to change the Sipp market place.
"For many years we have shown steady and consistent growth, avoiding the hit or miss ‘growth at all costs’ path. Our focus is our clients and their advisers, doing what we do to the absolute best of our abilities."
In its results, Xafinity reported that it had reached more than 1,000 financial adviser using its Sipp and small self-administered schemes (Ssas) and currently administers more than 1,850 commercial properties on behalf of clients.
Jeff Steedman, head of business development at Xafinity said: "It is pleasing to see that we have reached the milestone of 1,000 financial advisers who trust their Sipp and Ssas business to us.
"Our core market remains in the full Sipp space where a detailed knowledge of commercial property ownership in pensions is imperative.
"That said we continue to see excellent growth of our SimplySipp product where discretionary fund manager accounts remain popular with clients."
On 7 December 2017, Xafinity announced in its interim results that it would be purchasing the actuarial consulting, pensions administration and investment consulting of rival business Punter Southall.
The deal combined the three target businesses with Xafinity's existing businesses, while Xafinity sold its HR Trustees business to the Punter Southall group.
A spokesman for Xafinity said at the time that it would pay £92.5m in cash and issue 25,766,871 completion shares, while the sale of the HR Trustees business is expected to generate a further £8.5m towards the deal as well as issue 6,134,969 earn out shares.
rosie.quigley@ft.com
