Home > IFA Industry > Advisory Companies
IFG denies reports it is to sell James Hay wrap
Tim Sargisson, managing director of IPS Partnership and IFG Financial Services, has denied that the IFG parent group has plans to sell off the James Hay wrap after its acquisition has been completed.
Mr Sargisson said he did not know where the reports had come from and someone had put "two and two together to come up with five".
Reports said the James Hay wrap would be separated from the firm's self-invested personal pension (Sipp) business and sold following the acquisition of James Hay by IFG Group.
IFG received backing from its shareholders at the beginning of the month to purchase James Hay for £35m, which includes both a Sipp and a wrap platform.
However speaking to FTAdviser.com, Mr Sargisson said: "I have absolutely no idea where this story has come from. It is inaccurate.
"There is no decision on anything yet because we do not have the business. We can not make any decisions about anything until we actually own the business and have a chance to have a look at it.
"So quite where this has come from, I have absolutely no idea. I imagine that somebody has nothing better to do with their time than put two and two together and in this case make five."
He added: "Until we get control of the business which isn't going to happen until we get regulatory control, or approval - which could be another four to six weeks away - we are in no position to make any decisions about this business at all."
