IFG’s international services yield best returns but Irish operations struggle

FINANCIAL services group IFG has identified its international trustee and corporate services division as its best channel of growth this year, while confirming its Irish operations are struggling badly amid the downturn.

The division – which covers markets such as the Isle of Man, Switzerland, Jersey and Cyprus and represented more than 60% of group profits last year – is performing well in tough markets, IFG said yesterday in a trading update covering the first four months of the year.

It added that proposed changes to international tax rules “are likely to increase business activity in well-regulated centres, such as those in which we operate” and changes in the competitive landscape in these markets “are likely to present expansion opportunities for our business, as others withdraw”.