IFG gets off to strong start with trading in line with expectations

Irish financial services business set to return to profitability as group reports growing revenue

Financial services group IFG said it had a good start to the year, with trading in line with expectations as momentum in new business was maintained.

The company, which provides independent advice and services for retirement wealth planning in the UK and Ireland, said its core businesses continued to win new clients and assets, with James Hay Partnership, Saunderson House and IFG Ireland all performing well.

The Irish arm of the business is expected to return to profitability this year as the group said revenue continued to grow in the first four months of 2014. Funds under management at IFG Corporate Pensions grew to €979 million at the end of April, with its general broking businesses also showing a positive start to the year.

Self invested personal pensions at James Hay Partnership rose to more than 2,000 by April, with assets under administration also continuing to increase. Saunderson House, meanwhile, added 107 new clients in the first half of the year, doubling its tally for the same period in 2013.

The company announced the sale of IFG Financial Services in March for up to £9.1 million, and said it had continued to invest in its technology, operational capability and staff, with Paul McNamara set to join as group chief executive at the end of July.

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