IFG enhances specialist pensions role

Financial services group IFG has significantly enhanced its presence in the specialist pensions sector in Britain, with its subsidiary becoming the fifth largest provider of such products.

In a trading update, IFG yesterday noted the James Hay Partnership — the specialist pensions provider it acquired from Santander Private Banking three years ago — increased its sales of self-invested personal pensions by nearly 120%, on a year-on-year basis, during the first 10 months of the year, with 4,220 new self-invested personal pensions being written, compared with 1,938 over the same timeframe last year.

The company had a total of 39,070 such pensions under administration as of the end of October.