James Hay has reported assets under administration are up to £18.9bn, from £16.4bn last December, with net inflows of £1.6bn in the third quarter, helped by rising transaction numbers.
A business update for its parent company the IFG Group, covering business from January to October, also showed that James Hay added more than 11,000 new clients over that period, double the 5,500 added during the same stretch in 2014.
Attrition has remained at an annualised 6 per cent, with the completion of Towry and Capita transactions “contributing significantly” to growth since June.
The firm maintained new business momentum and client retention, with new self-invested personal pensions added in the period to the end of October totalling over 11,000 - compared to 6,300 for the full year last year - with the majority of new business on the MiPlan product.
The statement noted that the focus is now on developing key strategic partnerships with major distributors to grow the client and asset base, both in core pension products and in the Isa and General Investment Account range.
Meanwhile, advice business Saunderson House continued to grow and now serves 1,800 clients, up 13 per cent from 1,600 in October 2014, attracting 223 new clients year-to-date.
Assets under advice are now at £4bn, up from £3.7bn in December last year.
As a result, revenues are materially ahead of the previous year, while profits are marginally ahead, despite increased investment in adviser capacity and the impact of the increased Financial Services Compensation Scheme levy - the latter being fully expensed in the first half of the year and not recurring in the second.
The update noted Saunderson House continues to invest in its technology capabilities, including a new client portal and the roll out of a discretionary investment service for appropriate clients.
Overall, the IFG Group remains on track to deliver “meaningful growth in profitability” compared to 2014, with total assets under advice and administration at £22.9bn, up 7 per cent since 30 June and up 14 per cent since the beginning of 2015.
The previously announced sale of the group’s Irish general insurance business is expected to complete before year-end, subject only to regulatory approval.
Paul McNamara, group chief executive, commented: “We are well positioned with two profitable businesses, each serving clients with distinctive propositions in attractive segments of the market.
“We have a strong and liquid balance sheet to support continued growth and investment as we look forward to 2016.”
peter.walker@ft.com
