A J Bell records 80 per cent rise in new Sipps during Q4 2008
Business figures released by the independent Sipp provider today show the number of Sipps written between October 1 and December 31 2008 reached 1,899, up 847 on Q4 2007.
Figures for the year showed a 23 per cent increase year-on-year, from 27,950 at the end of 2007 to 34,376 in 2008.
Sipp assets under administration remained static at £4.8bn, despite a 9.5 per cent fall in the FTSE100 during the quarter. However, total assets under administration, including Sipp, Sass and institutional stockbroking, dropped from £8.3bn to £8.2bn during the quarter.
A J Bell chief executive Andy Bell says: “We are trading well ahead of expectations for the year to September 30, 2009, this on the back of a 52 per cent increase in revenue and a 48 per cent increase in pre tax profits for the year to September, 30 2008.
“Despite some adverse external influences, the Sipp market remains buoyant and the seismic shift from personal pensions to low-cost Sipps shows no signs of abating.”