View more on these topics

Curtis Banks reveals details of £7m ATS Sipp acquisition

Sipp administrator paid a total of £7m for Alliance Trust Savings’ Full Sipp book

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

The pensions administrator completed the deal to buy ATS’s 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 one year after the deal was completed.

The firm saw a surge in pre-tax profits during the year, from £730,000 in 2012 to £3.1m in 2013. Turnover rose year-on-year from £3.1m to £8.8m while the number of introducers increased by 50 per cent to 600.

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 during the Budget to have a positive impact on the Sipp sector.

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

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


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm