Curtis Banks poised to consolidate SIPP market

Hannah Godfrey reports...

Self-invested personal pension (SIPP) provider Curtis Banks has revealed it is actively seeking acquisition opportunities to aid its growth.

In its interim results published on Thursday (5 September), the SIPP provider confirmed acquisitions were “firmly” part of its strategy and that it was “well-positioned to continue to consolidate the SIPP market”.

In December 2018, Curtis Banks bought wealth manager Hargreave Hale’s SIPP book, which included some 600 SIPPs invested in assets valued at approximately £180m.

The move marked the tenth asset purchase by Curtis Banks since the company was founded in 2009.

The SIPP provider now boasts £27.5bn assets under administration – an increase of almost 10% from its June 2018 figure of £25.1bn. In the six months prior to 30 June 2019, it administered more than 77,000 SIPPs.

Curtis Banks CEO Will Self said: “This is a solid set of results for the first six months of 2019 with the period under review showing an increase in our key financial metrics. Once again, the group has continued to grow profitably and maintains a high proposition of quality recurring earnings, which demonstrates the resilience of our business against some current headwinds in the SIPP industry and wider marketplace.

“Through initiatives to stimulate both organic and inorganic growth, as well as successfully diversifying revenues by broadening our capability to commercial property clients, we have navigated the first half of 2019 extremely well. I am confident and excited about our prospects for further growth.”