IFG reports ‘steady’ performance

Financial services group IFG said its Irish business is delivering “steady performance” despite difficult trading conditions, with the corporate pensions division achieving good growth.

In an interim management statement this morning, the company said its corporate pensions division in Ireland had secured 31 new clients in the year to date, bringing funds under management to €930 million at the end of October.

In 2012 IFG corporate pensions achieved 51 new corporate client wins and a 30 per cent increase in funds under management to €725 million.

On a group basis, IFG said its deleveraged balance sheet and positive net cash has put it in a strong financial position, well-positioned for growth.

“IFG’s sound regulatory position and financial strength will allow us to continue to invest in and expand our pension administration and advisory businesses.”

The company’s two main businesses the James Hay Partnership and Saunderson House both recorded good results.

Saunderson House revenue and operating profit, through October, is ahead of the prior year period, while new client wins of 125 are almost 50 per cent ahead of the same period last year.

Assets under administration at the James Hay Partnership continued to grow and now total more than £15 billion. This places James Hay Partnership as the fifth largest platform provider in the UK, according to Platforum.