IFG enhances specialist pensions role
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.
“Sales of new self-invested personal pensions are a key performance measure,” IFG said in its statement, adding: “When we acquired James Hay, in March 2010, a yearly target of 4,000 self-invested personal pensions by year five was set. This milestone has been achieved with 4,220 new self-invested personal pensions written by the end of October 2013. Simultaneously, despite the low interest rate environment and competitive marketplace, average revenue per self-invested personal pensions remains stable.”
On a group-wide basis, IFG said that it is “performing well”, with the trends of the first half (when the company saw revenues increase by 5% and adjusted operating profits rise by 1.5%) continuing. Performance indicators — such as new self-invested personal pensions sales and private client wins — have maintained momentum.
IFG’s other main Britain-based subsidiary — financial advisory Saunderson House — has seen revenue and operating profit rise in the year-to-date, on an annualised basis.
In Ireland, where IFG still provides pension administration and financial advisory services, “a steady performance despite the difficult trading conditions” was seen; while the IFG Corporate Pensions division grew the value of its funds under management to €930m, with 31 new client wins to date this year.
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