Paul McNamara is to step down as group chief executive of financial services group IFG with "immediate effect". Mr McNamara joined the Dublin and London-listed financial services group from Barclays in July 2014. John Cotter, currently group finance director, will assume the role of chief executive.

In a statement to the stock exchange on Tuesday morning IFG disclosed the move, adding that current trading remains in line with expectations as outlined in its interim report on August 25th.

John Gallagher, group chairman, said "I would like to thank Paul for his contribution to the group and I welcome the appointment of John as group chief executive to lead us through the next phase of development and execution of the group's strategy."

Mr Cotter joined the board of IFG in December 2013 as group finance director and also served as interim chief executive of the group in 2014 prior to the appointment of Mr McNamara.

Previously, Mr Cotter spent fifteen years at Morgan Stanley in various senior roles, and more recently three years as group finance director and chief risk officer at Collins Stewart Hawkpoint plc.

In 2015 the group reported an 86 per cent jump in pre-tax profits to £8.6 million, largely driven by the group's retirement wealth platform, James Hay. The group completed its restructuring in 2015, with the sale of its Irish general insurance business, and its sole focus is now on the UK wealth platform and high net worth advice markets, via its subsidiaries James Hay and Saunderson House.