Financial services group IFG has significantly enhanced its presence in the specialist pensions sector in Britain, with its subsidiary becoming the fifth largest provider of such products.

IFG’s acquisition of British pensions company James Hay Holdings, received shareholder approval yesterday and is now likely to be formally concluded within the next four-to-six weeks.

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.