Despite receiving additional offers “in line with market expectations”, IFG pulled Saunderson House off the market saying it was not in line with its strategy.
“The sales process has not had a material effect on new client wins to date although some existing clients deferred making new investments,” the business said in a Q1 trading update.
“We may see some knock-on impact in the coming months as the creation of new client pipeline is likely to have been affected to some extent.
“However, clarity brought about by the decision not to proceed with the sales process will remove uncertainty for both new and existing clients.”
Saunderson House said it achieved 77 new client wins across both advisory and discretionary management services in the three months to 31 March 2018 and now serves 2,214 clients, up 9.8% from March 2017.
Assets under advice at 31 March 2018 were £5.1bn ($6.9bn, €5.8bn) – up 8% on 31 March 2017.