Dublin-based IFG has agreed to buy Santander's SIPP and wrap arm, James Hay, in a £35m deal.
The James Hay brand will now be adopted by the combined business, due to being widely recognised. As of December 2008, James Hay had £8.9bn of SIPP assets from approximately 33,400 clients, and about £0.7bn from 2,800 wrap clients. IFG plans to raise €50.7m through a placing of an open offer to finance the deal. IFG's chief executive, Mark Bourke, says: "This catapults IFG into the position of number one SIPP provider in the UK. IFG will build on James Hay's brand strength and market position. James Hays' revenue is stable and recurring. The SIPP business margins are attractive and...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
