News from the IPS Partnership

Wednesday 9 December 2009

IFG Group proposed acquisition of James Hay

IFG Group, The IPS Partnership's parent company, has announced that it has entered into an agreement to acquire James Hay from Santander Private Banking.

IFG Group has seen an opportunity to acquire the largest and one of the best known SIPP brands in the UK, with a substantial client bank of over 33,000 that complements its own business.

There will be no change in the way The IPS Partnership operates and all business will be conducted as usual.

IFAs are, and will continue to be, the most important distribution channel for IPS and IPS knows that offering them the very highest standards of service is key to its success, which IPS will bring to James Hay and its clients.

The James Hay name will be retained.

On completion of the proposed acquisition, a further announcement will be made which will give clearer details on the integration of the James Hay business into the IFG Group.

Some questions and answers:

Q: Why has IFG Group made this move?

A: The IPS Partnership's parent, IFG Group has seen an opportunity to acquire the largest and one of the best know best known SIPP brands in the UK, with a substantial client bank of over 33,000, that complements its own business. This will make the combined company the largest player in the self-invested pensions market.

Q: What impact will this have on IPS, its business introducers and clients?

A: None what so ever. All systems and business processes will remain unchanged.

Q: And on James Hay and its clients?

A: Using its expertise, IPS plans to build on the James Hay brand and deliver first class service and administration to its clients.

Q: When will the deal be completed?

A: The proposed deal is subject to shareholder and regulatory approval and on completion a detailed announcement will be made.