XPS Self Invested Pensions has reported that its commercial property assets under administration grew by 87% in the last year, from £800m to over £1.5bn.

The company said that its acquisition of Michael J Field Consulting Actuaries in February 2022 drove much of this increase.

The growth was also boosted by organic growth from new client wins.

New clients comprised 78% via SIPPs, and 22% via SSASs, in 2022, the company said.
 
More than 200 properties were purchased during 2022, increasing the total portfolio held under trust to nearly 3,700 properties / land sites.

Total assets under administration now exceed £4bn.

XPS Pensions Group also reported growth in its SIPP and SSAS business of 57% from £2.8m to £4.4m, for the six months to 30 September, 2022.
 
Andy Bowsher, director of XPS Self Invested Pensions said: “We are very proud of reaching another major milestone. The Michael J Field business and team have fitted smoothly into our business, and we’re delighted by their contribution in what is looking like another successful year for XPS Self Invested Pensions.

“Our common, client-centred, personal service ethos means we can bring real value to all our clients, and none more so than those with directly held commercial property investments, where specialist knowledge is paramount. Our new client growth is a result of our continued dedication to the regulated financial advice sector.”

XPS Self Invested Pensions administers pension schemes for over 8000 clients and holds assets of over £4.4 billion.