IFG Group Names New CEO

Stephen Little

6 May 2014

London and Dublin-listed has appointed Paul McNamara as group chief executive and as an executive director, subject to regulatory approvals.

Group finance director John Cotter will continue in the role of interim CEO until McNamara assumes the role on 28 July, IFG said in a statement.

McNamara is currently managing director of investments and insurance at Barclays and has previously held senior roles at Standard Life Group, HBOS (now Lloyds Banking Group), AXA UK, McKinsey & Company and Bank of Ireland Group.

"I am very pleased to welcome Paul McNamara to IFG as Group CEO. His appointment reflects our continued commitment to building a strong management team for the Group and is in line with our focused growth strategy,” said chairman of IFG John Gallagher.

IFG said in a preliminary statement of its annual results last month that despite an increase in revenue for 2013, there was a dip in operating profit of 4.3 per cent.

The firm reported an increase in revenue of 4.6 per cent for 2013 to £79.6 million ($132.3 million) up from £76.2 million in the prior year, mainly driven by its core UK businesses Saunderson House and the Ireland segment.

IFG Group agreed to sell its IFA business to Berkshire-based Ascot Lloyd Financial Services earlier last month in a deal worth up to £9.1 million, subject to regulatory approval.