Financial services company IFG Group plc. (IFP.L) issued update covering its business for the first quarter of 2013. IFG Group said it continues to make progress driven by sound business fundamentals.
The firms said that although its businesses are not directly exposed to investment market movements, an improvement in investor sentiment has led to more positive conditions for the wider UK wealth management market.
In its interim management statement, the Group said it is in a solid financial position. Cash generation and tight cost control continue to be priorities for management. Net cash at the half year stage is expected to be about 20 million pounds - 21 million pounds, compared to December 2012 of 20.6 million pounds, following the expected trend of a slight reduction in the first half with cash building in the second half.
The Group noted that it has surplus cash in excess of its regulatory and working capital needs both currently and under proposed capital adequacy rules for SIPP providers.
The company said its first-quarter new sales at James Hay Partnership were up 125% on prior year. New SIPP sales in the first-quarter were 1,260, an increase of 125% from the prior year's 560.
At the end of March 2013, James Hay Partnership had 37,848 SIPPs under administration compared to 37,342 at the end of December 2012.
Saunderson House continues to deliver a solid performance with the first-quarter revenue and operating profit ahead of the prior year period. As a pure fee-based advisor, Saunderson House generates revenue on a time-charged basis with targeted recovery rates of billable hours of greater than 80%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.