IFG to buy firm for €38.5m

IRISH financial services group, IFG has reached agreement to buy one of the leading players in the British SIPP (self invested personal pensions) market for €38.5 million.

IFG is set to buy James Hay Holdings from Santander Private Banking (UK) for £35m (€38.5m) in a deal which would place IFG as the number one SIPP provider in Britain, with a 23% market share. James Hay generated after-tax profits of £6m (€6.6m) last year.

Funding for the deal will come through an open offer share placing aimed at raising about €50m.