17 January 2012 – appointment of CEO

The news that IPF has appointed a new CEO took us (and the market) by surprise.  The new CEO, Gerard Ryan, has over 20 years experience in the financial services sector, and latterly spent four years vwith Citigroup as CEO for their consumer finance business in the Western Europe, Middle East and Africa region.  This experience will be useful to the group given its international operations and has been well-received by analysts.  The shares have fallen sharply over recent weeks and could well bounce on this news.  BUY.