IFG Network signs Dublin big brokers
26 Oct 2008
Sunday Business Post
Financial services group IFG has signed up 25 of the biggest brokers in the Dublin area to join its ‘One Network’ of brokerages, which has 150 members at present.
Last year the network secured €1.4 billion in assets and the new brokers joining up achieved a similar amount.
This expansion comes just two weeks after IFG announced it was paying €13.6 million for pension firms Pensco and Nameridge.
The firm also announced that it had invested more than €2.5 million in new technology for its One Network broker system, which is expected to reduce significantly turnaround times for customers.
‘‘We firmly believe that this is a period of great opportunity. Our purchase of Pensco and Nameridge was testament to this belief,” said IFG Ireland chief executive Gary Owens.
The company is betting on its ability to snap up acquisitions during the downturn to position itself for the future. IFG shares closed in Dublin last Friday at 98 cents. So far this year they have fallen by 40 per cent, giving the group a market capitalisation of €72 million.
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