Our group performance is 'on track', says IFG
Irish financial services group IFG said its group performance is "on track" and that its core businesses in the UK are performing well despite challenging economic conditions.
Its main pension administration business, James Hay Partnership (JHP), has continued to make strong progress, it added.
In an interim management statement issued yesterday, IFG said that JHP now administers over 4,000 self-directed pension schemes.
It said that in 2010 it set itself a target of boosting the number of those schemes it administers by 4,000, over a five-year period.
It said that since then it targeted achieving a cross-over run-rate point (when new business exceeds the natural attrition rate on an annualised basis) by the third quarter of this year.
That meant the James Hay business had to secure 250 new self-invested pension plans (SIPPs) under its management, or 3,000 on an annualised basis.
IFG said that in October, 258 new SIPPs were gained.
"Through a combination of the above new business and attrition levels, the total number of SIPPs under administration was 37,410 at end October," it said.
It said that its business in Ireland continued to be challenged.
IFG recently opened a tender offer where it plans to return over €37m to shareholders. While an extraordinary general meeting will be held at the end of the month to approve the move, the company is already accepting tenders.