Former Chase de Vere Financial Solutions managing director Mark Bogard has joined Irish-owned IFG Group as UK chief executive head of IFA and actuarial operations.
Bogard will be responsible for IFG life, pensions and actuarial operations and will sit on the board as an executive director.
He masterminded the building of financial website Moneyextra, which was sold to the Bank of Ireland in 2000. The site was merged with IFAs Willis National and then Chase de Vere Investments and Bogard became managing director of the combined businesses.
He oversaw the merger of IFAs MX Financial Solutions and Chase de Vere Investments in May last year. The shake-up saw MX Financial bear the brunt of 342 job losses and Bogard resigned in April this year.
The combined turnover of the IFG Group's UK operations is £24m, £20m of which relates to IFA services.
But the group's interim results reveal a weak performance from its financial services arm in the last six months, with total operating profit at £354,000 for the six months to June compared with £401,000 for the six months to June 2003.
IFG Group chief executive Richard Hayes says the res-ults show that the IFA business remains profitable but has not yet regained momentum. He admits that the financial services arm has turned in a weak performance and it is not expected to improve markedly in the second half of the year.
Hayes says: “Further significant debt reduction, strong growth in our more mature businesses and a big investment in recruitment and training in the half year gave us the confidence of delivering good growth in earnings in the years ahead.”