Curtis Banks holds steady as assets under administration increase 4%

SIPP provider Curtis Banks saw a 4% increase in assets under administration to £28.6bn in the first six months of 2020. The firm said that whilst it has been affected by the Coronavirus pandemic, the recurring fixed fee model and smooth move to remote working has insulated it from the worst of the effects. Revenues remained stead at £24.5m (2019: £24.5m) with adjusted profit before tax increase 0.6% to £6.3m (2019: £6.2m). Total organic new own SIPPs in the period also held stead at 2,107 (2019: 2,220). Will Self, CEO of Curtis Banks, said: "I am pleased to report a solid six months for the Curtis Banks Group. The first six months of the year has seen the business affected by Covid-19; however, our fixed, recurring fee model has insulated the Group from the worst of the effects of the pandemic, to date. “I am delighted to report that core product growth during the period is up year-on-year, driven in part by organic growth in our new investment product, Your Future SIPP. In addition, the acquisitions of Dunstan Thomas and Talbot and Muir post-period end are very exciting for all of us at Curtis Banks as we look to grow through increasing scale and adding new revenue streams. “I would like to pay thanks to all our employees for their efforts during this testing time. I’m extremely proud of the way they have adapted to remote working during the Covid-19 pandemic and minimised the effect of Covid-19 on the Group.”

Curtis Banks holds steady as assets under administration increase 4%

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