Assets under administration for Curtis Banks increased by 11% to £32.4bn in 2020 (2019: £29.1bn) including five months of contribution from the Dunstan Thomas acquisition and two months contribution from the acquisition of Talbot and Muir.

The acquisition of Talbot and Muir, announced in July 2020, brought the business 6,600 plans and assets under administration of around £3.6bn. Curtis Banks said 71 employees from Talbot and Muir have now transferred to the firm.

Curtis Banks said whilst the group was inevitably impacted by the Coronavirus pandemic during 2020, fast implementation of a business continuity plan and the firm’s fixed recurring fee model for core products insulated the firm from the world effects of the pandemic.

Curtis Banks increased its annual SIPP administration feeds payable of mid and full SIPPs in February as it changes its fee model to reduce its reliance on interest income. The ‘mid SIPP’ annual administration fee increased by £50 to £310 and the full SIPP fee increased by £140 to £720.

In its annual results published today, the SIPP administration firm said the new fee model ensures “greater transparency to our clients and a more robust, consistent income stream”.

Operating revenue increased by 10% to £53.9m (2019: £48.9m) but profit before tax decreased by 32% to £7.4m (2019: £10.9m).

Gross organic growth for its own mid and full SIPP numbers was 7.8% (2019: 7.5%) with total SIPPs, including third party administered, now hitting 82,224 (2019: 76,541).

Will Self, CEO of Curtis Banks, said the firm has plans to evolve from a SIPP administrator into a wider retirement group.

He said: “Looking ahead, we have a clear vision for long-term growth. Curtis Banks is evolving from a primarily focused SIPP administrator to a more holistic retirement group which provides technology and complementary services to the advised retirement market.

“We are confident that our efforts to diversify our core offering and revenue streams can reach new areas of an ever-increasing addressable market to provide the foundations for growth in 2021 and beyond.”