SIPP provider Curtis Banks Group has revealed increased profits and assets in its interim results for the six months to 30 June.
The firm increased pre-tax profits by 14% from £4.8m in 2018 to £5.4m.
Meanwhile assets under administration rose by 9.6% from £25.1bn to £27.5bn.
Other highlights included:
Operating Revenue increased by 6.7% to £24.5m (2018: £23.0m)
Interim dividend of 2.5p per share (2018: 2.0p)
Will Self, chief executive of Curtis Banks, said: “This is a solid set of results for the first six months of 2019 with the period under review showing an increase in our key financial metrics.
“Once again, the Group has continued to grow profitably and maintains a high proportion of quality recurring earnings which demonstrates the resilience of our business against some current headwinds in the SIPP industry and wider marketplace.
“Through initiatives to stimulate both organic and inorganic growth, as well as successfully diversifying revenues by broadening our capability to commercial property clients, we have navigated the first half of 2019 extremely well.
“I am confident and excited about our prospects for further growth.”
DB transfer values rose to record highs in August 2019, while the number of members requesting a transfer value continues to increase, according to XPS Transfer Watch.
XPS Pensions Group’s ‘Transfer Value Index’ jumped sharply to an all-time high of £258,200 on 21 August 2019; up from £247,400 at the end of July 2019.
The increase was said to have been “largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations”.
XPS Pensions Group reported an increase in the number of transfer quotes being requested across some of its schemes, with some members choosing to pay for an updated calculation with transfer values at their peak.
Mark Barlow, partner, XPS Pensions Group, said: “The impacts of recent volatile markets have seen transfer values increase steadily over the last two months, with an all time high in August.
“The continuing fall in gilt yields has pushed transfer values to new record highs, around 10% higher than they were this time last year.
“Although there is a lot of uncertainty around the future of the financial markets, an increase in transfer values will mean we are likely to see a lot of members investigating their options.
“Trustees and sponsors should ensure that members considering long term irreversible decisions are being provided with sufficient education and support to enable them to make the right decision for their circumstances and financial futures.
“We would also recommend schemes consider how the substantial changes in market conditions have affected the funding strategy and whether, in light of this, the transfer value basis remains appropriate.”