Convoy Financial Services, the listed IFA firm in Hong Kong, posted a year-on-year (yoy) revenue growth of 28.4% to HK$316m in H1 2011 driven by robust sales of investment-linked assurance schemes (ILAS) product.

The firm’s chairman & executive director Quincy Wong said 98.6% of the group’s revenue was from commission income of HK$312m which was based on the sales of ILAS products.

The firm is also looking at different ways to expand its business outside Hong Kong. It is continuing to have discussions with management of Singaporean IFA firm IPP despite suffering allegations last month the proposed S$25m takeover the company was in breach of the ASEAN city’s regulations, which Convoy denied.

Wong hopes to’ get the deal done’ before this year-end, saying the next few months will be an important transition period.

In addition, Convoy plans to takeover a company based in Shenzhen which is capable to provide insurance brokerage services within China. He expects the acquisition will be finished in Q3 2011. He also confirmed that Convoy has recently received approval from Taiwanese stock exchange in regard to list Taiwan depository receipts (TDR).

Meanwhile, the firm’s MPFs related businesses have grown 103% in H1 2011 with the contribution level for the firm’s total revenue rising from 0.2% to 0.4%. Although it accounted for a small portion of the firm’s revenue, Wong sees tremendous business opportunities once the member choice comes into practice next year.

Currently, the firm has distribution agreements with ten MPF providers in Hong Kong, which include AIA, AXA, Bank Consortium Trust (BCT), BOCI-Prudential, Principal, Manulife, Sun Life, BEA, HSBC and China Life.

He said there is no immediate plan to add more MPF providers for the firm’s shelf by explaining the current product combination is quite comprehensive.