SIPPs firm Curtis Banks boosts profits by 13%

SIPPs operator Curtis Banks has enjoyed a double-digit profit boost, according to its latest end of year figures. The robust results, for the year ended 31 December, revealed pre-tax profits rose from £10.7m to £12.1m, an increase of 13%. The report also highlighted a rise in the number of SIPPs administered from 76,474 to 77,739.Assets under management were also boosted from £24.7bn to £24.8bn. Meanwhile the firm hailed the “successful delivery” of its ‘Your Future SIPP’ and online portal. A statement read: “In 2018, Curtis Banks invested heavily in the development of ‘Your Future SIPP’ (“YFS”) which launched in February 2019. “This product and new online portal was created following adviser research and combines the best features of Curtis Banks and former Suffolk Life services into one industry leading proposition with market access to virtually any investment solution, easy management of cash and automated adviser charging.” A new sales team was also put in place consisting of a national sales manager and seven BDMs headed by group sales director, Dave Stratton. Curtis Banks says both Rivergate Legal and Templemead Property Solutions were “progressing well since their launch last year” and had “contributed to revenues in 2018 with further progress expected this year”. The company also announced the acquisition of Hargreave Hale's book of SIPPs in 2018, which, it says, represented an “ideal fit for the business” and is the group’s tenth acquisition to date. Suitable acquisitions remain a core focus of Curtis Banks’ future growth strategy, the results statement said. Will Self, chief executive, said: “In my first results as chief executive of the group I am pleased to report another year of healthy and profitable growth. “The past year has seen significant investment in the company to support further organic growth, building on the foundations of consolidation prioritised over the last two years. “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.” He 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.”

SIPPs firm Curtis Banks boosts profits by 13%

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