Manchester-based SIPP provider Liberty SIPP has defied market gloom in the SIPP sector to nearly double the value of its assets under administration in the past year.

The company reports it has broken through the £1bn AUM mark for the first time and now has £1.45bn of client assets under administration, up 87% on April 2016.

As of 1 April, it was administering 8,647 SIPPs, up 44% year on year. The firm opened 2,652 new SIPPs during the period.

The growth suggests that despite critics warning of gloom in the Sipps market, some providers are still increasing business and client numbers.

Liberty says it added 778 new clients in the first three months of 2017 (up 53% on the same quarter in 2016). The growth was fuelled by more adviser recommendations, stronger partnerships with platforms and better internal processes, it says.

The company now works with 535 financial adviser firms – 53% more than in April 2016.

The provider has only one product; the low-cost Liberty Option SIPP. It was introduced in 2013, has no set up fee and an annual management fee of £175 plus VAT.

Matthew Rankine, director of sales and marketing at Liberty SIPP, said: “Breaking through the billion pound barrier represents both a milestone and a challenge for us. While we’re delighted that our rapid growth has catapulted us into the big league of SIPP providers, we’re determined to protect and improve the asset that got us here – our reputation for offering a personal, fast and efficient service.

In the past year Liberty SIPP has invested in technology to enable it to handle more clients. It currently employs more than 40 staff and expects to increase admin staff by 30% in 2017.

Liberty SIPP was launched in autumn 2007 by Ian Currie and John Fox who have many years of experience in the SIPP and pension market.