IFG confirms trading on track ahead of buyout

(Sharecast News) - IFG Group, the financial services group being taken over by private equity firm Epiris, has confirmed that trading remains on course.In a statement published ahead of Thursday's annual general meeting, chief executive Kathryn Purves said that since 9 April, when the sale's scheme document was published, the company had "continued to trade in line with expectations and there is no change to outlook".Its James Hay brand, which specialises in self-invested personal pensions, had 59,000 customers by the close of the first quarter, a 0.21% improvement on the same period a year earlier. Assets under management came in at £26.1bn, a 2.8% rise year-on-year. Positive market movements of £600m during the quarter had helped offset the tough market conditions experienced at the end of 2018, Purves added.IFG's financial advisor brand Sanderson House achieved 63 new client wins during the quarter, taking its total up to 2,385 and an increase of 7.7% on March 2018. AUM were flat at £5.1bn.The company was unable to provide an update, however, on legacy issues surrounding Elysian Fuels. IFG is currently in dispute with HM Revenues & Customs about the biofuels investment scheme.IFG agreed to be taken over Epiris in March in a deal worth £206m. The private equity firm, which owns stakes in TGI Fridays and Bonhams, the auction house, will pay 193p per share.