IFG buys James Hay in £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...