IFG Group released a Q1 update yesterday lunchtime which illustrated a positive start to FY16e, in-line with our current expectations. AuA grew by 2.1% in JHP whilst c.50 new clients were added in Saunderson House; both indicative of organic growth momentum. We are encouraged by reported performance but, at this early stage in the year, leave our forecasts unchanged. We retain our BUY recommendation underpinned by a 215p 12m TP, set using a SOTP using prudent divisional multiples.
