IAF Group, which is traditionally been known for its aviation financing, said it plans to develop a wealth management business as part of it...

IAF Group, which is traditionally been known for its aviation financing, said it plans to develop a wealth management business as part of its current reorganisation efforts. The London-based group said that under its new strategy, it intends to focus on the creation of a wealth management financial services business with a stockbroker at its heart. Yesterday IAF released its results for the first half to end-December, which showed a pre-tax loss of £401,000 ($749,361). The group said on its website that it “had a long history of profitability until badly hit by losses in its aviation division in the run up to and aftermath of ‘9/11’.” The firm said it will release further details on its wealth management plans in due course.