Sipp provider Curtis Banks has seen its pre-tax profit soar by 85 per cent to £5m in the first six months of the year after acquiring rival Suffolk Life.
In its latest results, published today, Curtis Banks, which now offers nearly 75,000 Sipps and holds £23.1bn assets under administration, has almost doubled its revenue to £21.4m.
The firm attributes the profits’ growth to both organic and inorganic growth, given its recent £45m acquisition of Suffolk Life from Legal & General.
Curtis Banks group deputy chief executive Will Self says the acquisition of Suffolk Life “has helped propel the business forward”.
Chief executive Rupert Curtis says: “The integration of Suffolk Life continues apace and we have established a group management committee and new group brand.
“We have also made considerable progress in rationalising our office network and delivering efficiencies.”
He adds: “As in previous years, we expect performance will be weighted towards the second half of the year and we remain confident about delivering further profitable growth in the future.”
In 2015, Curtis Banks sealed a multi-million pound deal to administer Zurich’s Sipp business.
Elsewhere in today’s results, the firm announced that founder and chief executive of wealth manager Brooks Macdonald Group Chris Macdonald has been appointed non-executive chairman, replacing Chris Banks.
Banks will continue to be involved in the growth of the business as a strategic adviser.