Robust financials allow Sackers to bring office move forwards

Pensions boutique ­Sacker & Partners posted a strong set of financials for the last reporting year, although the firm expects its profits for the current year to be hit by an impending move to new premises.

Ian Pittaway
Ian Pittaway

The firm, which reports on a calendar year basis, saw turnover rise by 10.5 per cent to £23.2m in 2009, while net profit rose by 10 per cent to £12.3m.

The firm’s average profit per equity partner rose by 9 per cent, from £806,000 to £877,000, beating its ­previous high of £874,000, which it achieved in 2006.

Senior partner Ian ­Pittaway said Sackers had ­decided to take advantage of a sluggish City property market and a break clause on its current lease to move four years earlier than planned.

The firm is currently ­paying rent and fitout costs for a new base on London’s Gresham Street while also paying for its St Paul’s office.

Pittaway said: “Because of our strong financials we’ve been able to fund this out of profits.”

The firm, which has gained a number of new clients in the past year, including the ­Parliamentary ­Contributory Pension Fund and Xerox Pension Scheme, will move towards the end of the year.