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

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

It said the sale of the International division was 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 continue to make progress.

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