A J Bell is trading well ahead of expectations according to chief executive Andy Bell, with the number of SIPPS administrated at the end of December 2008 up by 23% over the year.
The number of SIPPs increased from 27,950 to 34,376 at the end December 2008 compared to the end of 2007. This reflected growth of over 80% in the number of net new SIPPs written in Q4 2008, up to 1,899 compared to 1,052 in Q4 2007.
Despite a 9.5% fall in the FTSE 100 in the quarter, SIPP assets under administration remained static at £4.8bn.
A J Bell's total assets under administration, including SIPP, SSAS and institutional stockbroking decreased marginally during the quarter from £8.3bn to £8.2bn.
"We are trading well ahead of expectations for the year to 30th September 2009, this on the back of a 52% increase in revenue and a 48% increase in pre tax profits for the year to 30th September 2008," says Bell.
"Despite some adverse external influences, the SIPP market remains buoyant and the seismic shift from personal pensions to low-cost SIPPs shows no signs of abating."
To comment, contact Charlotte Banks on 0207 484 9943 or email: [email protected]
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