IFG Financial Services Limited is expected to rebrand following its acquisition by Ascot Lloyd, a source close to the situation said, but it is unknown what the new name will be.
FTAdviser understands the rebrand will take place once the acquisition receives regulatory approval by the Financial Conduct Authority.
The source said: “The firm will definitely be changing its name. It may be to Ascot Lloyd or it may be something else.”
At present, no changes to staff have been announced and it is business as usual.
When asked if the firm would be changing name or rebranding, a spokesperson for IFG Group said: “ultimately so as Ascot Lloyd will take the business over and incorporate it into its own business”.
Last year IFG Group reported that its IFA arm had a 7 per cent year-on-year increase in revenue for the first half of 2013, which offset a decline in revenue in James hay Partnership, which the firm is currently owned by.
In March this year it was announced that Berkshire IFA Ascot Lloyd would buy a trio of UK IFA businesses from Sanderson House and James Hay IFG Group for an initial consideration of £3.5m in a deal that could be worth in excess of £9m.
IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited will merge with Wokingham-based Ascot Lloyd’s existing IFA business, pending regulatory consent.
According to a statement released at the time from Dublin-listed IFG, the deal is part of the company’s aim to withdraw from what it deems “non-core businesses”. It described the three units as “traditional” IFA businesses, in contrast to the wholly fee-based Sanderson House.
In addition to the initial £3.5m a further £5.6m could be paid depending on the business’s performance in the first two years after the sale.
