IFG Group has announced that Paul McNamara is stepping down as Group Chief Executive with immediate effect.

He will be replaced by John Cotter, who is currently Group Finance Director.

Mr Cotter had joined the board in December 2013 as finance director, and also served as Interim Chief Executive for a period in 2014 prior to Mr McNamara's appointment.

In a statement, IFG said current trading "remains in line with our expectations as outlined in our interim report on August 25th."