Self Invested Person Pensions (SIPP) provider, James Hay Partnership, has seen a drop in profits of 6% year on year, according to its parent company IFG, which released full year 2012 results today.
The provider registered profits of £10.3m for 2012, down 6% on the £11.0m it recorded in 2011. Revenues were up slightly at 3%, from £36.6m to £37.7m. IFG said that James Hay Partnership is now in net book growth since it bought the provider two years ago. Increased take up of SIPPs (at 91% year on year) have contributed to this. The division sold 2,469 SIPPs in 2012 taking the total SIPPs under administration to 37,342 at the year end. The group said that the first-quarter 2013 is showing a further increase in take up. Otherwise, IFG posted revenue of £76.2m against £77....
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