James Hay Partnership has turned around the attrition it had been seeing in its self-invested pensions book over the past two years, with new sales rising 91 per cent year on year in the final quarter of 2012.
In its preliminary results for the year to 31 December 2012, Dublin-listed parent company IFG Group reported new Sipp sales of around 2,500 for the twelve months, bringing total Sipps under administration to 37,342.
In the last quarter of 2012 alone, new Sipps sold rose 91 per cent year-on-year with a further increase already evident in Q1 2013.
IFG subsidiary advice firm Saunderson House took on 100 new clients in 2012, and IFG reported growth in profits in its IFA business from £4.2m in 2011 to £4.4m in 2012.
However, the company’s Irish business reported an operating loss of £2.9m, more than double that of the previous year’s £1.2m
Mark Bourke, chief executive officer of IFG Group, said: “In 2012 we disposed of our international business for £70m achieving several objectives, including further concentration on our core business, a significant strengthening of our balance sheet and a substantial return of capital to our shareholders.
“Our strengthened balance sheet will enable us to offer attractive shareholder returns, allowing us to invest in the business and take advantage of growth opportunities as they arise.
“Business momentum has continued into 2013. Against challenging market conditions, the group continues to deliver solid financial performance.”
