James Hay has added 11,000 Sipps in the first 10 months this year – nearly double that of the whole of 2014.

Figures showing new business from January to October 2015, released this morning by parent company IFG Group, showed new Sipps rising from 6,300 last year.

The ten month Sipp clients figure was double that of the 5,500 added in the same period in 2014.

The report said the company has grown to more than £18.9bn in assets under administration – up from £16.4bn in December 2014.

It had net inflows of £2.3bn in the 10-month period to October.

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Referencing the 11,000 Sipps this year so far, the Stock Exchange report stated: “The majority of new business, both organic and acquisition related, is in our MiPlan product, which has attracted new business due to its transparent pricing and flexibility.

“As previously stated, our investment spend in James Hay peaked in H1 2015, and H2 has seen the benefits of increased revenue from announced deals with Capita and Towry, together with reduced capital spend.

“We see our focus in developing key strategic partnerships with major distributors playing an important role in continuing to grow our client and asset base, both in our core pension product and in the ISA and General Investment Account products.”

IFG Group also reported that another of its subsidiaries Saunderson House has continued to attract new clients.

In the period from January to October 2015 it added 223 new clients (247 for all of 2014), bringing the total to 1,800. There were 1,600 in October last year.