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FCA approves private equity acquisition of James Hay parent

The FCA has given the necessary regulatory approval for London private equity firm Epiris to acquire James Hay parent, IFG Group.

The board of IFG Group agreed to a cash offer from Epiris in March.

The deal valued IFG at around £206m and will see its entire share capital sold to Epiris.

IFG owns Sipp operator and platform James Hay and wealth manager Saunderson House, which serves around 2,400 clients.

In a stock exchange announcement this morning, the FCA confirmed IFG’s sale to SaintMichelCo Limited – an indirect and wholly owned subsidiary of funds of which Epiris is the general partner – was approved yesterday.

Following the regulator’s sign off, the group says the completion of the acquisition will occur “as soon as practical.”

Revenues and assets have picked up at both James Hay and Saunderson House this year following difficult legacy problems.

FCA asks James Hay parent to set aside £15m in tax dispute

Last year, James Hay told Money Marketing it was reviewing all of its older products after the issues with Elysian Fuels.

James Hay chief executive Alastair Conway says: “We are delighted that the latest step in the change of ownership has been completed.

“Following this, we look forward to sharing our thoughts on the next part of our journey and the positive effects this will have on advisers and their clients.”

Saunderson House assets were up 4.8 per cent in Q2 from 31 December 2018 following IFG’s attempts to sell it off early last year.

The sale was subsequently abandoned last April after IFG said the offers to buy the business could create more risk for its shareholders.


Judge adjourns plea hearing for ethical investment fraud case

The plea hearing for the former director of ethical investment scheme Global Forestry Investments has been adjourned until October. Earlier this month the Serious Fraud Office revealed it had charged Andrew Skeene in relation to alleged frauds concerning the company between August 2010 and December 2015. A scheduled plea hearing was postponed on Monday to […]

Billy Burrows

Billy Burrows: The value-for-money formula

Talking fees with clients can be difficult. Some clients willingly accept them while others challenge the proposed fees and want us to justify them for the advice we are giving. Therefore, I included a chapter on fees in my latest guide, Retirement Advice – An Art or a Science? I struggled at first to find […]

FCA to open industry review on ACDs

The FCA has told several authorised corporate director companies to prepare for an industry probe, according to reports from the Financial Times. Reports say after the high-profile Neil Woodford fund suspension, the role of ACDs has been “laid bare” in the past 10 weeks. ACDs ensure open-ended funds stick to regulatory rules and protect their […]

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FCA produces new rules for pension transfers

Justin Corliss – Business Development Manager Justin Corliss looks at what we know from the recently published FCA consultation paper on pension transfers. On Monday 26 March the FCA released PS18/6, its much awaited response to the CP17/16 consultation paper, Advising on Pension Transfers. While it provides some clarity for advisers, further consultation will be required. Let’s look […]


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