James Hay Wrap to be sold

IFG received backing from its shareholders to purchase James Hay, which offers SIPPs and a wrap platform, last week. The IPS Partnership, IFG's existing UK SIPP provider, says the firm intends to focus on its SIPP offering, and will offload the James Hay Wrap. The acquisition is expected to complete before the end of the first quarter. At the end of December 2008, James Hay Wrap had around £0.7bn in assets under administration (AUM) from 2,800 clients. It is relatively small compared to other offerings such as Cofunds, which has around £22.7bn AUM. In December 2009, IFG announced ...