Self-invested personal pension (SIPP) specialist James Hay Partnership has reported positive results following the overhaul of its business model.
The SIPP outfit said it has more than 37,000 self-invested personal pensions under administration and surpassed its target of writing 250 new SIPPs a month in October, with a record 258.
The interim management statement from parent company IFG Group said performance was on track and its core businesses were performing well “despite challenging economic conditions”.
The firm also operates fee-based advisory firm Saunderson House.
The results said the outfit was well position for the Retail Distribution Review and was winning new clients.
IFG said it proposed a £30m return of capital to shareholders through a tender offer announced earlier this month.
IFG bought out James Hay from Santander in March 2010.
It said it had extracted its IT operation from Santander within six months with minimal disruption. Its cost base restructuring was completed within nine months, three months ahead of schedule.
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