IFG Group completes James Hay takeover
Financial services firm IFG Group has acquired Santander-owned self-invested personal pension (Sipp) provider James Hay in a £35m deal.
Mark Bourke, chief executive at IFG, said the acquisition of James Hay - which has approximately 32,000 Sipps under administration - would make it the largest provider in the UK.
Tim Sargisson, managing director at James Hay, said: "Once we have completed our review and assessment of the James Hay service, its strengths and weaknesses, we will deliver - quickly- top quality service and administration to IFAs and their clients.
"Our aim, looking forward, is simply to be the best, as well as the biggest, provider in our field."
IFG said it was currently conducting a full review of James Hay and no immediate changes would made. Both James Hay and its other provider IPS Partnership will continue to operate as separate businesses.
