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Curtis Banks reveals details of £7m ATS Sipp acquisition

Curtis Banks paid a total of £7m for Alliance Trust Savings’ Full Sipp business last year, accounts filed with Companies House reveal.

The pensions administrator completed the deal to buy ATS’ Sipp arm, which comprises almost 6,000 plans and £3bn in assets, in January last year.

Curtis Banks’ annual accounts show the Sipp book was acquired for a cash consideration of £5.5m, with the firm paying a further £1.5m on the one-year anniversary of the deal being completed.

The firm also saw a surge in pre-tax profits during the year, up from £730,000 in 2012 to £3.1m in 2013.

The number of active schemes more than doubled during the period, from 4,863 to 11,743, driven by the ATS Sipp acquisition.

Curtis Banks says it expects radical pension reforms announced by Chancellor George Osborne during the Budget to have a positive impact on the Sipp sector.

The firm plans to continue growing both organically and through acquisitions despite continuing uncertainty over FCA plans to hike capital adequacy requirements for Sipp administrators.

Curtis Banks says: “The directors are confident and optimistic that the company is well placed to grow further by acquisitions and organically and fully comply with the proposed new regulatory changes to capital adequacy requirements for Sipp operators.

“In addition the directors consider the actual and proposed changes set out in the recent Budget will provide potential positive opportunities for the company.”


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