Saunderson House

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.

IFG Group, which owns James Hay Partnership and high net worth IFA Saunderson House, has agreed to sell its Irish pension administration and advisory businesses for £10.8m.

Independent advisory firm Saunderson House, which charges for advice on a per-hour basis, posted a 6% increase in profits to more than £4m in 2013.

Saunderson House is coming up with a total cost of ownership fee structure that will include all advisory, platform, fund and investment costs.

IFG Group, the parent company of James Hay Partnership and Saunderson House, has named John Cotter as its interim chief executive as its latest results show a dip in operating profits.