IFG performing in line with expectations, assets held tops £30bn

Dublin-headquartered firm serves more than 60,000 customers via two businesses

The company said there has been no progress in UK revenue’s investigation into Elysian Fuels

The company said there has been no progress in UK revenue’s investigation into Elysian Fuels

 

IFG Group, the Dublin-headquartered but UK-focused financial services company, has said total assets under administration and advice has topped £30 billion (€34 billion).

In an interim statement the group said it continued to perform in line with expectations in the 10 months to the end of October.

IFG, which offers financial solutions through its UK-based units James Hay Partnership and Saunderson House, serves more than 60,000 customers across the two businesses.

“We remain confident that both businesses have growth momentum and strong fundamentals, which will lead to an improved financial performance next year,” said group chief executive John Cotter.

IFG completed a major restructuring in 2015 following the sale of its Irish pension and advisory business for €13.5 million to Willis Ireland in late 2014. Its sole focus is now on the UK wealth platform and high net worth advice markets via its UK subsidiaries.

Customers

Assets under administration in James Hay rose by 14 per cent in the period to exceed $25 billion (€21 billion) for the first time with net inflows from customers of over £2.1 billion (€2.3 billion).

It said a revised pricing model introduced at James Hay earlier this year had been successfully implemented with new clients wins up by more than 5,000 with attrition at 6.6 per cent annualised, in line with expectations.

Assets under advice in Saunderson House were £5 billion (€5.6 billion), up 9 per cent from £4.6 billion (€5.2 billion) in December 2016. It now has 2,097 clients, up from 1,956 in December 2016.

An interim dividend of 1.60 pence per share is to be paid out to shareholders in late November.

The company said there has been no progress in UK revenue’s investigation into Elysian Fuels. A structured investment in biofuel businesses, it was initiated between 2011 and 2015. According to IFG, around 500 of James Hay’s clients invested a total of about £55 million (€62 million) in Elysian Fuels.