Dublin-based financial services group IFG has reported a pick-up in momentum for self-invested personal pension (SIPP) sales .

In an interim management statement issued yesterday, IFG said its group performance was on track and its core businesses were performing well, despite the challenging economic conditions.

It said the sale of the international division had been completed in July 2012, realising proceeds of £70 million.

"The board concluded that the reduction of bank debt and the return of £30 million [ €37.3 million] capital by way of a tender offer is in the best interests of the group and shareholders," IFG said.

The company said its two principal businesses in the UK, namely James Hay Partnership and Saunderson House, continued to make progress.

Earlier this month, IFG Group gave details on its €37.3 million share buyback initiative.