11 Mar 2010
Dublin-listed pensions and investment company IFG has completed its acquisition of UK pension firm James Hay Holdings from Santander Private Banking UK. IFG is paying €38.6m in cash for James Hay, plus an additional payment of €4.3m for net assets. The announcement comes after IFG received approval for the deal last week from the Financial Services Authority in the UK and the Jersey Financial Services Commission. “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,” said IFG’s CEO Mark Bourke.
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