SIPP provider James Hay recorded a 10% dip in profits in the first half of 2012, during which it continued to leak business.
Profits within the pension administration business were down from £5.9m to £5.3m, with a delay in planned hires from last year and an increase in compliance costs blamed.
While 1,046 SIPPs were transferred in, 1,703 were transferred out, although the company is still aiming to reach a breakeven rate of acquisition by the end of the year.
Meanwhile, parent company IFG Group reported an adjusted operating profit of £5.9 million, down from £7.2 million during the same period in 2011, with revenues down from £39.7m to £38m.
Profits in its independent financial advisory business were down slightly from £2.0m to £1.9m, with Saunderson House gaining 59 new clients in H1.
Mark Bourke, CEO of IFG Group, said: "The first half of 2012 marked the transformation of IFG Group from a diversified Financial Services business to a focussed Pension Administration and Financial Advisory provider.
"With stable income streams, an extremely strong balance sheet and prominent positions in our chosen markets, we continue to build the Group."
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