Business Irish

Saturday 24 August 2019

IFG trading ‘in line with expectations’

IFG CEO Kathryn Purves
IFG CEO Kathryn Purves
Ellie Donnelly

Ellie Donnelly

FINANCIAL services firm IFG is trading “in line with expectations” for 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.

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

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

This is 3.2pc higher than December 31, 2018, 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 yesterday. Meanwhile, Saunderson House achieved 63 new client wins across both advisory and discretionary management services in the three months to March 31, 2019, and now serves 2,385 clients, up 7.7pc from March 2018.

Assets under advice at March 31, 2019, were £5.1bn, which is in line with March 31, 2018, and up 4.8pc on December 31, 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,” Ms Purves said

Earlier this year it was announced that IFG is to be sold to private equity firm Epiris GP for £206m (€240.6m).

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