IFG acquires James Hay

Financial services group IFG has acquired James Hay, a provider of self invested personal pensions (SIPPs), from Banco Santander for up to £38.9 million.


Financial services group IFG has acquired James Hay, a provider of self invested personal pensions (SIPPs), from Banco Santander for up to £38.9 million.

Financial services group IFG has acquired James Hay, a provider of self invested personal pensions (SIPPs), from Banco Santander for up to £38.9 million.

James Hay was acquired by Abbey National, now a subsidiary of Santander, in 1994 and employs 533 staff. The Salisbury-based firm has over £8 billion SIPP assets under administration.

Mark Bourke, chief executive of Dublin-based IFG, says that revenue at James Hay is stable and recurring and that the SIPP market is growing.

In the six months to June 2009, IFG reported revenue of €49 million (£44.7 million) and pre-tax profits of €8.5 million.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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