Sunday 18 August 2019

Financial services firm IFG trading 'in line with expectations'

IFG CEO Kathryn Purves
IFG CEO Kathryn Purves
Ellie Donnelly

Ellie Donnelly

Financial services firm IFG was trading "in line with expectations" in the first three months of this year.

The group, which is listed in both Dublin and London, has two businesses - James Hay and Saunderson House.

James Hay now serves almost 59,000 customers, up 0.21pc from 31 March 2018.

Assets under administration at 31 March 2019 in this arm of the business were £26.1bn (€30bn), up 2.8pc from 31 March 2018.

This is 3.2pc higher than 31 December 2018 (£25.3bn), with positive market movements of £600m during the quarter offsetting the adverse market movements experienced in the fourth quarter of 2018, the group said in a trading update ahead of its AGM today.

Meanwhile, Saunderson House achieved 63 new client wins across both advisory and discretionary management services in the three months to 31 March 2019, and now serves 2,385 clients, up 7.7pc from March 2018.

Assets under advice at 31 March 2019 were £5.1bn (€5.9bn), which is in line with 31 March 2018 and up 4.8pc on 31 December 2018.

Kathryn Purves, chief executive of IFG, said the group remains focused on resolving its legacy issues, "however, at this stage there is no further update in relation to the Elysian Fuels matter in James Hay."

Earlier this year it was announced that IFG is to be sold to private equity firm Epiris GP for £206m (€240.6m). Shareholders will today vote on the proposed acquisition at IFG's AGM.

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