News from the IPS Partnership

Wednesday 10 March 2010

IFG Group plc completes the acquisition of James Hay

IFG is pleased to announce it has today completed the acquisition of the entire issued share capital of James Hay Holdings Limited and its subsidiary undertakings from Santander Private Banking UK Limited for a cash consideration of £35 million (€38.635 million) plus an additional adjustable payment for net assets of £3.9 million (€4.305 million).

Mark Bourke, Chief Executive of IFG, said:

"IFG already has a significant presence in the self-administered pensions market through its subsidiary, The IPS Partnership plc. The acquisition of James Hay, with approximately 32,000 SIPPs (Self Invested Personal Pensions) under administration, makes IFG the largest provider in the UK."

The James Hay business has underperformed in recent years, however it remains a market leader and a strong brand. With a renewed and clear focus on the specific needs of IFAs, and the delivery of high quality service it has the ability to again consistently win and retain new business.

Whilst there will be no immediate change to the organisisation, a full review of James Hay is being completed. In the meantime, both James Hay and The IPS Partnership, the IFG Groups other SIPP business, will continue to operate as separate businesses.

Commenting on the announcement, Tim Sargisson, Managing Director, James Hay added:

"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."