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IFG Group shareholders have given their backing to a £35m purchase of James Hay.
Following an extraordinary general meeting (EGM) yesterday, shareholders voted in favour of the takeover, which will make IFG one of the biggest players in the UK SIPP market.
IFG already owns the IPS Partnership in the UK, but the purchase of James Hay will represent a significant addition to its British pensions business.
The deal has been financed by a €50m share placing. A number of private investors, led by British financier Edmund Truell, are thought to have invested as much as £25m in IFG through a company called Fiordland.
Eventually, IFG plans to adopt the James Hay brand across its UK pension operations, while the IPS Partnership brand will be phased out
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