SIPP provider Liberty SIPP says it has nearly doubled the value of its assets under administration in the past year, breaking through the £1bn mark for the first time.
The Manchester-based company now has £1.45bn of client assets under administration, an 87% increase on April 2017. As of 1 April, it was administering 8,647 SIPPs, up nearly a half (44%) on the same time last year. Its client base grew steadily throughout the year and the firm opened 2,652 new SIPPs in the 12 months to April.

The strong growth suggests that despite critics warning of major issues in the Sipps market, some providers are still increasing business and client numbers.

Liberty says its rate of acquisition has accelerated with 778 people becoming Liberty clients in the first three months of 2017 (53% more than in the same quarter in 2016). It attributes much of the growth to more adviser recommendations and better internal processes.



Much of the new business has come through partnerships with platforms and adviser recommendation. The company now works with 535 financial adviser firms – 53% more than in April 2016.

The provider has only one product; the low-cost Liberty Option SIPP. Introduced in 2013, it has no set up fee and an annual management fee of £175 plus VAT.

Matthew Rankine, director of sales and marketing at Liberty SIPP, said: “Breaking through the billion pound barrier represents both a milestone and a challenge for us. While we’re delighted that our rapid growth has catapulted us into the big league of SIPP providers, we’re determined to protect and improve the asset that got us here – our reputation for offering a personal, fast and efficient service.

In the past 12 months Liberty SIPP has invested in new technology to enable it to handle more clients. It currently employs more than 40 people and is set to increase its admin staff by 30% in 2017.

Liberty SIPP was established in the autumn of 2007 by Ian Currie and John Fox who had previously worked within the SIPP and pension arena.