IFG Group reports 'steady' Irish progress

Friday 17 May 2013 17.51
IFG Group issues interim management statement
IFG Group issues interim management statement

Financial services provider IFG Group said it continues to make progress ''driven by sound business fundamentals''.

In an interim management statement, IFG said that an improvement in investor sentiment has led to more positive conditions for the wider UK wealth management market.

IFG said that its core businesses in Ireland - IFG Corporate Pensions and IFG Private Clients - delivered a ''steady performance'' against a difficult market backdrop.

It also said it has secured 16 new client wins during the first quarter.

The company cautioned that near-term earnings growth is constrained by the effect of attrition, the lag effect of new business in its UK James Hay operation, investment spend and the drag from non-core businesses.

But it reiterated that it is confident of delivering medium-term growth. ''Our balance sheet strength, proven management team and recognised brands give us a unique opportunity to fulfil the potential of our business,'' today's trading statement added.