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IFG say 2014 so far trading strong

Monday, May 19 10:02:46

Irish financial services group, IFG, this morning said its various businesses have traded strongly this year so far and that its full year results will be in line with expectations.

In an interim management statement for the months from January to the end of April, IFG said momentum has been sustained in its core businesses with James Hay Partnership, Saunderson House and IFG Ireland continuing to win new clients and assets.

It added that revenue to date in its Irish business is growing.

James Hay Partnership administers over 48,000 self-directed pension schemes in SIPPs and SSAS (small self-administered schemes) in addition to ISAs and GIAs. It has over 15.6 billion assets under administration. SIPP sales to April 2014 were 2,050 compared to 1,743 in the previous year. In addition to the growth in sales volumes, assets under administration (AUA) continue to increase. Gross inflows of 386m were received in Q1, bringing AUA to over 15.6 billion. This puts James Hay Partnership as the fifth largest platform provider in the UK, according to Platforum's most recent publication.

Trading in Saunderson House is maintaining momentum and new client take-on is very positive, IFG said. For the first four months of the year 107 new clients were added.

Looking at Ireland, it said that 2013 marked a turnaround year with improved performances in both revenue and operating results. "Revenue year to date is growing and we expect a return to reported profitability for the full year. In IFG Corporate Pensions, funds under management grew to E979 million at the end of April (December 2013: E955 million) and year to date 17 new client wins have been achieved. Our general broking businesses, particularly General Insurance, have had a positive start to the year," it said.