Sipp sales at James Hay increased by 26% in the first half of 2015, the firm reported this morning.
A total of 3,781 were sold, compared to 2,998 in the first six months of 2014. In a report released to the Stock Exchange, parent company IFG Group said that “the success of the modular MiPlan is driving growth”.
Client numbers have risen to 52,000, up from 47,000 in June 2014, equating to an increase of 10%, with average assets per client of £0.35 million.
James Hay’s adjusted operating profit before amortisation of intangibles increased by 26% to £3.8 million.
The financial results document stated: “With attrition remaining at circa 6% per annum, net additions of 2,265 Sipps were 27% ahead of 2014. Assets under administration in James Hay increased from £15.9 billion in June 2014 to £17.5 billion, an increase of 10% in the year."

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IFG bosses said that progress to transform James Hay from a Sipp-only provider to being a platform for retirement wealth planning has continued.
The report said the pension reforms have been leading to increased demand from clients with larger pension funds, looking at investment and drawdown options in light of increased flexibility and the removal of the requirement to convert to annuities.
It said: “Overall, we believe these changes are positive for James Hay, which is focused on the higher end of the retirement wealth planning market and offers full flexibility to clients and advisers to avail of the new pension freedoms.”
IFG Group also announced that ‘strategic arrangements’ with Towry and Capita will deliver about 6,500 new clients in the second half of the year – up from 1,384 in the first six months.
The IFG statement said: “The MiPlan Product, launched in 2014, was a key component in the ability to execute the transactions with Capita and Towry and now underpins the majority of new client activity. As of now more than 5,000 new Sipps have already been added in H2, bringing the year to date additions to more than 8,800 compared to 6,300 for the whole of 2014. We see further such transactions, which have underpinned the material increase in net additions in 2015, as a continued growth opportunity, leveraging the capability of our products and systems. Organic growth remains broadly consistent with 2014.”