Assets under administration at platform and self-invested personal pension (SIPP) provider James Hay hit £16bn in the third quarter of the year, however, expected profit forecasts at the business have been cut.
Interim results from parent company IFG Group said James Hay added 5,247 SIPPs to its book in the ten months to 31 October. Assets under administration increased to £16bn, with net inflows of £0.9bn to 31 October. It said this was boosted by the first tranche of customers from the Capita buyout. However, IFG added: "Pressure on margins and interest income in James Hay, as highlighted in H1, has continued. This, together with our investment in technology and staff, has reduced James Hay's forecasted profitability for 2014." Paul McNamara, joined as group chief executive at the end of ...
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