James Hay’s parent company has reported that new Sipps went up 92% to 12,084 last year.

IFG Group revealed this morning that new Sipps had risen from 6,303 in 2014.

This meant it had delivered a 20% increase in total Sipps to 52,101 at year end, the full year results, published this morning, stated.

James Hay’s net flow rose from £1.1 billion to of £3.1 billion, with assets under administration up 19% to £19.5 billion.

A company statement read: “In 2015, the near-doubling in new Sipps compared to 2014 was helped by the acquisition of 8,000 new Sipps from Capita and Towry. We also see further acquisition opportunities similar to the acquisition of books from Capita and Towry, as consolidation in this sector continues.

“We are pleased to see assets under administration and revenue increase by 19% with operating margin improvement resulting in adjusted operating profit increasing by 70%. This growth was achieved with no overall increase in headcount in 2015, demonstrating the scalability of the platform.”

It said: “James Hay continues to benefit from investment as it evolves from being a specialist Sipp provider to a platform for retirement wealth planning, offering a broader and more tailored client service, including on-line access and expanded investment choice.

“In 2015 we have substantially changed the executive team in James Hay under the leadership of Alastair Conway, welcoming a new finance director, chief operating officer, chief commercial officer and head of human resources. The team is committed to drive continued improvements in the quality of our customer service, the efficiency of our business model and the capability of our people and products.”

IFG Group’s profit before tax from continuing operations increased 86% to £8.6 million (2014: £4.6 million).