Dundee-based pension specialist Curtis Banks is planning to expand its city workforce after profits almost doubled last year.
Formed 10 years ago, the company is now the UK’s largest independent SIPP and small self administrated scheme (SSAS) provider with 77,500 customers.
Curtis Banks administers self invested personal pensions (SIPPs) and has 70 employees at West Port House at West Marketgait.
Newly published accounts for Curtis Banks Group PLC show sales rose by £2.5 million to £46.1m for the year ending December 31.
Pre-tax profits increased to £10.1m from £5.9m in 2017.
Managing director Jennifer Leith said the appetite for SIPP pensions continued to be strong, which has fuelled the company’s growth.
“We have great aspirations for growth, company wide but particularly in the Dundee office as we have room to grow within our existing premises. It’s a really exciting time for the business.
“The appetite for SIPPs is still strong. The product is more accessible than it’s ever been to a broader range of members of the public because it’s a much more flexible option. People are looking to get the best return and to allow the best income for their retirement.”
The Dundee operation was previously housed with the City House office block attached to the Overgate shopping centre before moving to its current location towards the end of 2017.
The firm also has offices in Bristol and Ipswich.
The company acquired the full SIPP business of Alliance Trust Savings in 2013, which comprised of a book of 6,000 pensions worth around £3 billion. The company has assets under administration of £24.8bn at the end of 2018.
Ms Leith added: “We are now sitting at 77,000 self invested pension schemes which is phenomenal for a company that doesn’t advertise directly into the market – most of our business comes via financial advisors.
“We have staff who have been with the business longer than Curtis Banks has been in existence because a number of the staff came from Alliance Trust initially.
“I joined Alliance Trust in 2008 and then I transferred with the business in 2013. When we transferred the business we were sitting at 45 staff but I always had aspirations for growth.
“Our site can comfortably take 80 staff so that’s our next goal but it’s always about what’s right for the business.”
Curtis Banks owns more than 6,000 commercial properties on behalf of its pension savers, which makes it one of Europe’s largest landlords.