Curtis Banks has clinched a multi-million pound deal to administer Zurich’s Sipp business.
The contract is for a minimum term of 10 years, with Curtis Banks receiving £1.25m in each of the first two years alongside an additional payment of £750,000 during the first year of the contract to cover transition costs.
Curtis Banks will be paid an annual fee for each Sipp administer, subject to agreed minimum aggregate annual amounts. This fee has not been disclosed.
The firm will be a white label administrator and so will not be required to provide client-facing services.
Zurich’s Sipps were previously administered by Capita. However, in November 2013 Capita revealed plans to close its Sipp admin business in response to increasing competition and regulatory costs.
A Zurich spokeswoman says: “We can confirm that Zurich customers with Sipp policies administered by Capita and set up between 2007 and 2012 will in future be administered by specialist firm Curtis Banks following Capita’s decision to exit the Sipp market.
“Customers are being informed about the changes.”
Curtis Banks chief executive Rupert Curtis says: “We are delighted to have reached agreement to provide administrative services for this large book of Sipps. This transaction fits well with Curtis Banks’ proven expansion strategy and enhances our position as the go to consolidator for financial services companies seeking a specialist Sipp administrator.
“This book of Sipps further increases Curtis Banks’ position in the UK’s hierarchy of SIPP administrators.”