Financial services company IFG Group has posted a pre-tax profit of £4.6m for the year ended 31 December 2014, down from £5m a year ago.
The group’s assets under advice and administration at £20.1bn, a rise of 9% as against £18.5bn at year end 2013.
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IFG’s retirement and wealth planning platform James Hay Partnership recorded net inflows of £1bn, up 67% year on year, with £16.4bn in assets under administration.
The group’s independent wealth management business Saunderson House saw a 16% jump in assets under advice to £3.7bn from £3.2bn in the previous year.
Revenue from James Hay and Saunderson House together was £61.2m, up 6% compared to £57.7m at year-end 2013.
IFG restructured with the sale of five businesses in 2014. The sale of businesses generated £19.8m, which includes £7.3m in contingent consideration.
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By GlobalDataAdjusted operating profit from continuing businesses stood at £7.9m versus £9.2m a year ago.
IFG Group CEO Paul McNamara said, "2014 marked a fundamental transformation of IFG Group as we exited non-core businesses and continued to invest for growth in James Hay and Saunderson House. We are strongly positioned with two profitable businesses in attractive markets and a strong liquid balance sheet to support further growth and investment. Based on our award-winning propositions to customers and the delivery of business efficiencies, we expect 2015 to deliver meaningful growth in Group profitability."
