Curtis Banks reaches 75,000 Sipps as profits jump

Curtis Banks Group, one of the UK’s biggest SIPP providers, has announced an 85% increase in pre-tax operating profits to £5m and a 98% increase in operating revenue to £21.4m for the first half of the year. The acquisitive company, which has bought a number of rivals including Suffolk Life recently, said the number of SIPPs on its books and assets under administration rose to 74,900 and £23.1bn respectively. It said this was driven mainly by strong organic growth.The move comes against efforts by the company to reduce costs further. Last week it confirmed it was mulling the closure of its Market Harborough office with the possible loss of dozens of jobs.Rupert Curtis, group chief executive, said: “Our SIPP numbers continue to grow through high levels of organic growth and we now administer 75,000 SIPPs with over £23bn of assets. This growth is reflected in our strong financial results, which also show the full benefit of our acquisition of Suffolk Life.“The integration of Suffolk Life continues apace and we have established a group management committee and new group brand. We have also made considerable progress in rationalising our office network and delivering efficiencies. As in previous years, we expect performance will be weighted towards the second half of the year and we remain confident about delivering further profitable growth in the future.”Will Self, group deputy chief executive, said: “It has now been over a year since Suffolk Life became part of the Curtis Banks Group and the acquisition has helped propel the business forward.”Curtis Banks also confirmed that Chris Macdonald has been appointed non-executive chairman. Rupert Curtis continued: “I would also like to thank our outgoing chairman, Chris Banks, for the determination, spirit and intellect that he has demonstrated consistently since we founded Curtis Banks from a standing start in 2009. However, Chris’s huge knowledge and experience will not be lost to the group, and I am delighted that he will continue to be involved in the growth of our business in the role of founder and strategic adviser. “I am equally delighted that Chris Macdonald has agreed to step up to the role of chairman. Chris is uniquely positioned for this role having founded a highly successful listed wealth management business. He has worked in the financial services industry since 1982 and we will all benefit from his considerable experience.”

Curtis Banks reaches 75,000 Sipps as profits jump

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