James Hay Partnership has reported opening a record 4,220 new SIPPs this year in its latest interim statement covering January to October.
In the same period last year 1,938 were opened. The news pushes its total number of Sipps under administration to 39,070 as at the end of October 2013.
Its Saunderson House arm won 125 new clients with continued growth in revenue and operating profit and IFG Ireland Corporate Pensions gains 31 new clients
Parent company IFG Group plc, a provider of Sipps and fee-based financial advice in the UK and Ireland, issued the a trading update today covering its business from January to October 2013.
It said the group was performing well with new Sipp sales and private client wins maintaining their momentum.
James Hay Partnership administers over 42,000 self-directed pension schemes in Sipps, SSAS and Wraps with about £15 billion in assets under administration.
{desktop}{/desktop}{mobile}{/mobile}When IFG acquired James Hay in March 2010 it set a yearly target of 4,000 Sipps by Year 5 and it says this was met. This milestone was achieved with 4,220 new Sipps written by the end of October.
Assets under administration continue to grow and are now more than £15 billion which places James Hay Partnership as the fifth largest platform provider in the UK, according to Platforum.
New chief executive Alastair Conway (formerly of Cofunds) has led the restructuring of the management team and added two new senior managers.
In October, he announced the appointments of Pete Burtonshaw (formerly of Openwork and Fidelity Investment Managers - Platform Development) as chief operating officer and Paul Bagley (formerly of Cofunds) as director of distribution development.
James Hay says it is well placed to cope with regulatory challenges. In terms of capital, it says it holds surplus resources in excess of regulatory and working capital needs.
Saunderson House is an independent financial adviser based in the City of London and provides advice to private clients, charities, trustees and pension funds. It currently manages over £3.1 billion of assets and has continued its investment performance track record throughout 2013.