Wellington, May 19 NZPA - Financial advisory Investment Research Group Ltd (IRG) is selling its Auckland-based funds management business The FUM Business to The Business Bakery LP subsidiary Macrocarpa Holdings Ltd.

IRG was selling the advisory business for $500,000 cash, with the sale planned to take place on June 3, IRG managing director Brent King said.

Mr King said The FUM Business represented a different investment philosophy from IRG's other activities.

"We believe that going forward IRG needs to concentrate solely on the retained business," he said.

IRG, formerly called Viking, would keep its other advisory businesses, he said.

IRG had obtained a waiver on certain NZAX rules over the sale, relating to having to seek shareholder approval.

IRG shares were last traded earlier this month for 2.5c, having fallen from 10.5 since last May.