Growing SIPP provider Momentum Pensions has appointed a new UK managing director as it continues its UK expansion drive.

Craig Cheyne joined the company in August 2013 and has worked in financial services for more than 25 years, building his career as an IFA, with international experience in Singapore and South East Asia with Royal Skandia International and in the UK with Zurich Life.
 
The firm, which has a UK base in Manchester, has achieved growth of around 120% in total UK SIPP accounts in the past 12 months, as group assets under administration have hit £1.6bn.
 
The company says significant investment in technology and recruitment of administration staff means the group is “well-positioned for further growth and has funds available for acquisitions to support its long-term business strategy.”

 
Momentum has seen growth in its average SIPP case to around £250,000 and says it is benefiting from the boom in defined benefit pension transfer business as well as its focus on high net worth clients.

Momentum has 20 years’ experience in the SIPP market and believes it is a top 15 provider in the UK.
 
Mr Cheyne said: “I am excited to be joining Momentum Pensions’ UK operations at this stage in its development. Our goal is to become a dominant player in the specialist pensions sector and our growth to date validates our commitment to building trusted adviser relationships.”

Mark Gaywood, group chairman, Momentum Pensions, said: “Craig is the ideal candidate to lead our UK business and will drive our ambitious growth strategy centred around deep technical knowledge, focused and personal service to the adviser community and a transparent operating model.”