Friday, 17 May 2013 10:55
James Hay sees strong Sipp growth in first quarter of 2013
James Hay has seen a 125 per cent rise in new sales in Q1 2013, according to its Q1 results today.
The results of the firm's parent company IFG Group show 1,260 new Sipp sales in the first quarter, compared to 560 in the first quarter of 2012.
The Modular iSipp, which was launched in January 2013, proved particularly popular with customers. This product allows people to add modules such as property and investments onto an existing James Hay iSipp.
Total numbers of Sipps under administration increased from 37,342 at the end of 2012 to 37,848 at the end of March 2013.
The firm has a target of 250 new Sipps per month which it said it had achieved every month since October 2012 and now handles over 40,000 Sipps, SSASs and wraps. Assets under administration were £14.5bn.
{desktop}{/desktop}{mobile}{/mobile}
The firm said: "While March is typically a busy month in the rin up to the UK tax year deadline, the momentum in new busiess trend continued in April with a further 483 Sipps added. Our new Modular iSipp has proved to be popular and it, together with continued improvements in the sales management process, has helped drive growth."
In April, a deal with wealth management firm Berry Asset Management was announced where Berry will pay 100 per cent of the £180 annual fee on behalf of customers investing more than £150,000 with the firm.
It will also pay 50 per cent of the £180 annual fee on behalf of customers investing between £75,000 and £150,000 with no VAT levy.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
The results of the firm's parent company IFG Group show 1,260 new Sipp sales in the first quarter, compared to 560 in the first quarter of 2012.
The Modular iSipp, which was launched in January 2013, proved particularly popular with customers. This product allows people to add modules such as property and investments onto an existing James Hay iSipp.
Total numbers of Sipps under administration increased from 37,342 at the end of 2012 to 37,848 at the end of March 2013.
The firm has a target of 250 new Sipps per month which it said it had achieved every month since October 2012 and now handles over 40,000 Sipps, SSASs and wraps. Assets under administration were £14.5bn.
{desktop}{/desktop}{mobile}{/mobile}
The firm said: "While March is typically a busy month in the rin up to the UK tax year deadline, the momentum in new busiess trend continued in April with a further 483 Sipps added. Our new Modular iSipp has proved to be popular and it, together with continued improvements in the sales management process, has helped drive growth."
In April, a deal with wealth management firm Berry Asset Management was announced where Berry will pay 100 per cent of the £180 annual fee on behalf of customers investing more than £150,000 with the firm.
It will also pay 50 per cent of the £180 annual fee on behalf of customers investing between £75,000 and £150,000 with no VAT levy.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
This page is available to subscribers. Click here to sign in or get access.