SIPP specialist Curtis Banks boosted by acquisition of Ipswich-based Suffolk Life
- Credit: Archant
Self-invested personal pension (SIPP) specialist Curtis Banks, which includes the Suffolk Life business, has reported increased first half profits.
Curtis Banks, which acquired Ipswich-based Suffolk Life from Legal & General earlier this year, in a deal valued at £45m, posted a pre-tax profit of £1.528m for the six months to June 30, up from £1.331m in the same period last year, with operating revenue climbing from £7.524m to £10,820m.
The number of SIPPs under the group’s administration stood at 67,161 as at June 30, up from 26,755 a year earlier, with the value of assets under administration advancing to £17.9bn, up from £8.4bn.
Chris Banks, chairman at Curtis Banks, said: “Our focus during the current period has been the consolidation of growth over the past two years and development of our business proposition.”
However, he added: “The first half of 2016 will always be remembered for the acquisition of Suffolk Life. It has been a transformational acquisition and one which presents considerable long term opportunities for the group.
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“We are pleased to welcome the strong management team at Suffolk Life to Curtis Banks and look forward to working with them to strenthen our position as the largest independent full SIPP provider in the UK.
“It is equally important to recognise the progress within the business aside from the Suffolk Life headlines. Curtis Banks has successfully integrated the previous acquisitions and is in a very strong position to continue as a specialist administrator in a changing market. We are all very optimistic about our prospects.”
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Rupert Curtis, chief executive, who co-founded the group with Chris Banks in 2009, said the profit figure excluding Suffolk Life represented organic growth of 15%.
The group was on track for further progress during the second half, when it would benefit from a full six-month contrubition from Suffolk Life, and now opportunites opened up by the acquisition would also boost organic growth in coming years, he added.
Suffolk Life, which is based in Princes Street, currently employs 254 people – out of a group total of around 540 – and this figure is set to grow with the administration of another 5,000 SIPPS being transferred to Ipswich following Curtis Banks’ latest acquisition in June.