Pensions specialist IFG moves HQ to London

Irish-founded financial services group IFG has formally moved its head office to London, thus completing the shift of its day-to-day operations to the UK.

The pensions specialist will retain its registered office in Dublin and keep its primary share listing on the Irish Stock Exchange.

IFG last year shifted its operating focus to the UK after concluding the sale of its Irish operations.

It owns leading specialist pensions business James Hay and financial advisory firm Saunderson House in that country.

The company announced the office move as part of its interim results presentation yesterday, which also warned that the recent Brexit vote is likely to affect short-term growth.

It said the relocation of remaining group functions from Dublin will result in restructuring costs being incurred, but will deliver “long-term benefits through closer alignment with the businesses”.

IFG generated revenues of £39.9m (€46.6m) in the first half of the year, up by 16% on an annualised basis. Adjusted operating profit was up by 31% at £5.8m.

Chief executive Paul McNamara said management is confident that IFG’s business model is robust and sees no reason to modify strategic plans, while it will continue to invest in the business.

However, he said that the group is cautious that the “short-term trajectory for growth and profitability” has moderated.

IFG said that the organic growth rate of new clients — in both of its main businesses — has been impacted by “client inertia” before and since June’s Brexit referendum.

IFG shares fell nearly 11%, yesterday, to €1.97.