IFG Ireland set to return to profitability

IFG Ireland is on course to return to profitability over the course of this year with both operating results and revenue improving over the past 12 months, according to the company’s interim management statement.

Funds under management at IFG Corporate Pensions grew to €979m at the end of April, compared with €955m at the end of last December on the back of 17 new client wins so far this year.

Across IFG Group, which covers both Britain and Ireland, trading over the first four months of the year has been in line with expectations.

“New business momentum has been sustained in our core businesses with James Hay Partnership, Saunderson House and IFG Ireland continuing to win new clients and assets,” it said in a statement.

“The announced sale of IFG Financial Services in March 2014 demonstrates the group’s strategic focus. Our investment in technology, operational capability and people continues. We have made a number of senior appointments over the past 12 months and look forward to Paul McNamara joining as group chief executive on 28 July 2014.”

The James Hay Partnership, which is a key part of IFG’s British business, had 2,050 new self-invested personal pensions at the end of April, which brings the total to 40,751. It now has €15.6bn assets under management.