Displaying items by tag: results

SIPP provider Curtis Banks saw a 4% increase in assets under administration to £28.6bn in the first six months of 2020.

Provider Royal London has reported a loss before tax of £181m as new business sales in the life and pensions arm decreased in the first half of 2020.

Embark Pensions, which includes EBS Pensions and Rowanmoor, saw a near 14% increase in client numbers in 2019 but a 6% decline in net operating profit, according to annual results.

Platform and SIPP provider AJ Bell saw pre-tax profit rise by 33% to £37.7m in the year ended in September, the company reported today.

SIPPs and SSAS firm Talbot and Muir has boosted assets and SIPPs.

The results for the half year to 30 June revealed continued growth with an 18% increase in new SIPP cases and a 58% increase in SSAS cases for the same period in 2018.

Meanwhile, assets under administration increased to £2.86bn and projected current year EBITDA was £1.8m with a 20% increase in the number of advisers using the firm.

Recurring income now represents 88% of turnover.
 
The firm says the SIPP and SSAS sector continues to be competitive with advisers using them for not only their complex cases but also for single asset or DFM options.

Despite the change of direction of some SIPP providers towards the platform market, Talbot and Muir says it is benefiting from “the vacuum left behind” and has benefited from a “growing number of Introducers who prefer the open architecture and personal service of a ‘pure SIPP’ which is often a cheaper solution than offered via a platform”.
 


Brian Talbot, director, Talbot and Muir, said: “We pride ourselves on our service and the value of our products and unlike some of our larger competitors we are making a genuine profit.

“We believe that the SIPP and SSAS sector will continue to grow but that there is likely to be more consolidation and we remain acquisitive for good quality books of business that will enhance our position as a leading independent provider.
 
“We have doubled the size of our office space, having recently moved to a new 10,000 square feet office within Nottingham city centre.   

“The new space is contemporary, open-plan and will enable us to continue growing as we appoint new staff to ensure service levels are maintained.  

“We are upgrading our back office systems with Delta which will continue to improve the portal functionality and client/adviser reporting that we offer.
 
“There has been a 20% increase in the number of new advisers using us for the first time as they look to review their SIPP and SSAS administrators to ensure they remain committed to the market and are continuing to innovate and invest in their businesses.”

Growing wealth manager and Financial Planner Quilter is planning major investment in its new UK Platform which will see it add SIPP capabilities, Junior ISAs and cash accounts.

Client wins at James Hay fell by 22% in the first 10 months of the year according to parent company IFG’s latest trading update.

International SIPP provider STM Group has predicted it will boost profits this year despite a number of setbacks.

Platform and SIPP firm AJ Bell has boosted its profits to more than £28m as its forthcoming IPO approaches.

International Sipp provider STM Group hopes relocating will allow it to be more “UK centric”, the firm’s interim results have revealed.