Irish-owned IFG secures more UK clients than it targeted
Financial services firm IFG says its UK pensions business has secured more clients than had been targeted when the Irish firm acquired the operation in 2010.
IFG owns UK-based James Hayes, which administers self-invested pension plans (SIPPs) there.
When it bought James Hayes in 2010, IFG set a target of adding 4,000 SIPPs a year to its portfolio.
Between January and October this year, it added 4,220. It now administers a total of just over 39,000 SIPPs.
Combined with another 3,000 small pension schemes, James Hayes now administers assets worth more than £15bn (€17.8bn).
"Simultaneously, and despite the low interest rate environment and competitive marketplace, average revenue per SIPP has remained stable," added IFG.
Shares in IFG, which is headed by CEO Mark Bourke, rose over 3.5pc yesterday.
IFG also owns UK-based financial advisory firm Saunderson House. It currently manages over £3.1bn of assets.
"Trading in Saunderson House is good with revenue and operating profit through October ahead of the prior year period," according to IFG.
"Revenue is generated on a time-charge basis and year-to-date recovery rates of billable hours are running ahead of the business's 80pc target rate."
In Ireland, IFG also provides pension administration and financial advisory services.
"These businesses are delivering a steady performance despite the difficult trading conditions," the company said.