IFG promises to make James Hay work for IFAs

IFG group says it will breathe new life into James Hay and make it work for the IFA community.

Yesterday, the Dublin-based firm, which provides financial advice and pension administration services, revealed it had made an offer in principal for Santander's SIPP and wrap arm.

Tim Sargisson, managing director of IFG Financial services, says he hopes to make James Hay a respected provider amongst advisers.

"We think combining James Hay with our existing SIPP operation, The IPS Partnership, will enable us to really focus on the core SIPP offering," he says.

"James Hay was a relatively small part of Abbey and Santander and perhaps didn't get the attention it deserves, but we have the specialist knowledge of the SIPP and IFA market to create a proposition that works for advisers."

The £35m deal, which is still subject to financing and approval by both shareholders and the FSA, will see IFG acquire 100% of James Hay.

The combined SIPP operations of the group will eventually be rebranded under the James Hay name.

Sargisson says new business will continue to be processed at IPS's offices in Bristol, and no further decisions over staffing and operational arrangement will be made until the deal is finalised.