James Hay has reported a 125 per cent increase in first quarter Sipp sales, from 560 last year to 1,260 this year, driven by demand for its new modular iSipp product.
IFG Group, the parent company of James Hay and IFA firm Saunderson house, has today published its Q1 interim management statement.
James Hay had 37,848 Sipps under administration at the end of March 2013, up from the 37,342 figure reported at the end of December 2012.
Saunderson House won 43 new clients in the first quarter, compared with 100 clients won throughout 2012.
IFG says: “Our newly launched modular iSipp has proved to be very popular and it, together with continued improvements in the sales management process, has helped drive growth.
“Retention levels are running ahead of expected levels with attrition (partly a function of demographics) below the annual operating assumption of 10 per cent per annum.
“Management continue to focus on distribution, sales and marketing initiatives along with the continued investment in and development of our IT infrastructure and offering.”
In an interview with Money Marketing earlier this month, IFG chief executive Mark Bourke said was targeting large distribution firms as it looks to boost sales of its Sipp products.