SIPP provider Curtis Banks released its annual trading update for the year ending 31 December 2017 showing a rise in assets under administration of 20% following a major takeover of a rival.

Trading during 2017 has been in line with management expectations, said the company, with the company being well positioned for further growth for 2018. As at the year end the Curtis Banks had assets under administration of £24.7 billion, an increase from 2016’s figure of £20.4 billion.

A Curtis Banks spokesman said: “Consolidation and integration of the company since the acquisition of the Suffolk Life Group of companies in May 2016 has advanced during the year and the results for 2017 will be the first to include full year results for Suffolk Life.” 

Other highlights from the company include:

- New SIPPs during the year amounted to 8,798, and overall SIPP numbers increased to 76,474.

- Attrition rates on own SIPPs have remained in line with previous years at 5.7%.

- Group cash balances at 31 December 2017 amounted to £25.4 million gross (2016: £21.5 million) and £7.7 million net of debt (2016: £0.5 million)

The company also announced the appointment of Dave Stratton as Curtis Banks group sales director.

Mr Stratton joins Curtis Banks with over 25 years of experience working in the financial services industry with a particular focus on the pension and advice sectors. Prior to Curtis Banks, he was Head of the IFA Distribution function at AXA Wealth and Elevate.  He was responsible for successfully managing the transition from AXA Wealth to Standard Life, while maintaining strong new business volumes and retention of assets for Elevate.

At Curtis Banks, his role will combine and develop the sales processes across the group companies and increase organic sales, in conjunction with a new aligned brand and revised product offering.   He will lead and develop the combined sales team to ensure that advisers have the best possible service.

Rupert Curtis, chief executive of Curtis Banks said: “Dave is an excellent addition to the Curtis Banks senior management team. His proven leadership skills in designing and implementing distribution strategy, building successful teams, and managing customer relationships, will prove invaluable for the Group as we continue to grow our market presence.”

Dave Stratton said:“When looking for my next challenge, it was important to find a forward looking firm that has a clear strategy and vision for the future, Curtis Banks fitted that bill.  The SIPP market has been a dynamic and exciting sector since it was unveiled in 1989 and continues to evolve.  Curtis Banks have been at the forefront of the sector, growing quickly but without impacting on service and product development.

“I look forward to joining such a highly regarded business and believe my experience within the pensions sector, particularly with SIPPs and income drawdown, will further strengthen the Curtis Banks senior management team.”