Curtis Banks looks to buy more Sipps

Curtis Banks looks to buy more Sipps

Curtis Banks saw its profits grow 13 per cent during 2018, while the firm continues to seek out new deals.

The self-invested personal pension provider had an adjusted profit of £12.1m, more £1.4m than in the previous year, according to annual results announced today (March 20).

The number of new Sipps administered increased to 77,739 from 76,474, while assets under administration grew to £24.8bn from £24.7bn.

According to Will Self, recently appointed chief executive at Curtis Banks, 2018 was a year of "significant investment in the company to support further organic growth, building on the foundations of consolidation prioritised over the last two years".

In January, the provider launched a new product, Your Future Sipp, which combines elements of products previously offered by Curtis Banks and Suffolk Life.

Mr Self said: "Our new Sipp and online capabilities set the bar high for the sector and with our new distribution structure we are well-placed to increase our organic growth.

"We also remain acquisitive and are proactively exploring possible acquisitions."

In December, Curtis Banks announced the acquisition of wealth manager Hargreave Hale's Sipp book, worth around £180m.

Hargreave Hale continues to actively manage the invested assets of the 600 Sipps, while Curtis Banks is responsible for the professional administration of the book.

Hargreave Hale was under the spotlight in 2017 as it was one of several firms – the others being River & Mercantile, Artemis and Newton Investment Management - being looked into by the FCA for colluding on the price it would pay for shares coming to the market via initial public offerings.

Mr Self added: "The Sipp market is undergoing an evolution and, as one of the UK's leading providers, we have entered 2019 in an extremely strong position and I am confident about our prospects for growth and our broadening capability to deliver enhanced services for our customers as well as our ability to deliver against our strategic objectives."