Sackers partners hit £1m profit mark

Plateau ;partners ;at pensions boutique Sacker & Partners pocketed just more than £1m during the 2007 calendar year, with the firm’s average profit per equity partner ;(PEP) ;figure coming in at £882,000.

Although the average PEP figure remained relatively static on the 2006 figure of £876,000, turnover at the firm rose by 10 per cent to £21m. Overall profit also rose by 10 per cent.

Senior ;partner ;Ian Pittaway said PEP had not risen in line with revenue and profit because one partner was admitted to the equity over the course of the year while another moved from part-time to full-time working.

He added that Sackers had not repeated the strong growth of the previous year, when revenue rose by 22 per cent and PEP by 29 per cent, because 2006 had been extraordinarily busy due to the advent of the A-Day pension reforms.

Pittaway said 2007 was driven by the firm winning roles on high-profile deals, such as advising Alliance Boots pension fund trustees on the company’s private equity buyout.