Press Releases

International Money Marketing
2004
Inter-Alliance International sees turnover soar 111%

The Inter-Alliance International (IAI) group enjoyed an increase in turnover of 111 per cent in the first five months of this year compared with the same period in 2003.

The improvement, which comes at an opportune time with IAI's parent company in merger discussions with UK IFA firm Millfield Group, follows growth in turnover of 81 per cent for 2003.

Between January and the end of May, the network Inter-Alliance WorldNet enjoyed an increase in turnover of no less than 407 per cent. It now accounts for 53 per cent of the group revenues, compared with 25 per cent in the first half of 2003.

IAI's subsidiary firms saw turnover increase by 36 per cent in the first five months of this year, and chief executive Brian Cosgrave says all the regions within the group are now in profit.

While sales were steady in Africa, turnover rose by 18 per cent in Asia as the Bahrain brokerage, which comprises ex-Towry Law International consultants, began operating.

Cosgrave does not rule out recruiting further consultants from TLI, which announced it was closing to new business at the end of last month.

"There are some good quality consultants at TLI," he says, "but at the moment they are waiting to see what happens with the closure of TLI."

Cosgrave attributes the sharp increase in turnover to having "good quality people, greater productivity, a reduction in its cost base, and the changes we made last year".

These changes have included a new fee structure for the network, fewer but larger member firms, and introducing a scheme to bring together interested buyers and sellers of brokerages.