Sipp provider gains 168 commercial property clients

A Sipp provider has reported gaining 168 new commercial property clients in the last quarter to September. Dentons Pension Management said these additions represented 42% of all new business into the firm in that period:The Sipp administrator reported it had “continued to see record acquisitions of properties on behalf of Sipp and SSAS clients”.It said the results come on the back of "record new business figures for the year to date, which themselves follow on from a record 2014”. New business went up from last year’s record of 400 cases between January and September to 452 cases for the same period in 2015. Properties over the same period were up from 157 in 2014 to 178 in 2015.The company said that the number of properties across it administers across the Sipp and SSAS book stands at 2091.{desktop}{/desktop}{mobile}{/mobile}David Fox, director of sales and marketing, said: “New business is at record levels reflecting the continued quality of service we provide to intermediaries during this period of controlled growth, although assets under administration have remained stable over the year to date reflecting the reductions in the equity markets which still account for a large proportion of assets under administration.”He said: “It’s been a difficult period for Sipp providers, taking on the outcomes of the FCA’s Thematic Review last year and also preparing for the new capital adequacy requirements which will come into effect next year. Many Sipp operators have changed their proposition in terms of asset acceptance and fee levels and advisers will need to keep appraised of this when selecting full Sipp providers for their clients.”The company, which has 70 staff, said that it administers over 3,800 Sipps and 725 SSAS with assets under administration totalling £2.8bn.

Sipp provider gains 168 commercial property clients

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