IFG says assets under its control up 14% to nearly £23bn

Dublin and London-listed financial services group IFG has said total assets under advice and administration has risen by 14 per cent to £22.9 billion (€32.6bn) since the start of 2015.

The company, which provides financial solutions through its subsidiaries, James Hay Partnership and Saunderson House, said it continues to perform in line with expectations and remains on track to deliver "meaningful growth in profitability" compared to last year.

IFG said James Hay, a UK retirement wealth planning platform, had added more than 11,000 new clients in the 10 months to the end of October, double the number added for the same period a year earlier. It added that attrition has remained at 6 per cent.

Assets under administration at James Hay rose to £18.9 billion as against £16.4 billion at the end of December with net inflows of £1.6 billion recorded in the third quarter.

Saunderson House, an independent financial adviser, added 1,800 clients in the 10 months to the end of October, up 13 per cent compared to the same period last year. Assets under advice are now at £4billion, up from £3.7 billion at the end of December.

“We continue to see the benefits of our more sharply focused strategy and remain on track to deliver growth in clients, assets, revenues and profits in 2015. We are well positioned with two profitable businesses, each serving clients with distinctive propositions in attractive segments of the market. We have a strong and liquid balance sheet to support continued growth and investment as we look forward to 2016,” said IFG chief executive Paul McNamara.

An interim dividend of 1.44 pence per share will be paid on December 4th, IFG said.