The independent wealth management arm of financial services group IFG generated $8.7 million in adjusted operating profit last year.

As Dublin-headquartered IFG Group restructured to sharpen its offering through two standalone UK businesses, adjusted operating profit at its wealth management arm climbed 11 per cent year-on-year to £5.9 million ($8.7 million) in 2014.

It was a busy year for the group as it sold off its non-core businesses, including IFG UK Financial Services, to focus on its wealth management unit, Saunderson House, and its retirement planning platform, James Hay.

As Saunderson House welcomed 247 new clients over 2014 – a 60 per cent year-on-year jump – its assets under advice grew by 16 per cent over the year to £3.7 billion.

Saunderson House's revenues rose 18 per cent to £24.5 million, making up almost 40 per cent of the group's total pool of £65.1 million.

IFG attributed the strong performance to “ageing demographics, extended life expectancy, supportive fiscal incentives and increased consumer demands”.

Meanwhile, as James Hay's revenues dipped, the group's adjusted operating profit from continuing businesses was down from £9.2 million in 2013 to £7.9 million last year. Adjusted earnings per share fell from 6.82p in 2013 to 5.40p last year.

“The Saunderson House investment process and proposition have delivered an impressive performance track record due to its research-driven approach to client asset allocation, backed by a rigorous and independent fund selection and review process,” IFG Group said in the results statement.

“The focus for Saunderson House is to continue to grow organically. However, we will continue to monitor opportunities for acquisitions or strategic alliances but only where there is a clear and compelling cultural fit with Saunderson House.”