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Friends poised for Hay bid

Friends Provident is understood to be lining up a bid for Santander’s Sipp and wrap arm James Hay.

It is thought James Hay no longer fits with Santander’s strategic direction. The firm had around £10bn of Sipp and wrap funds under administration as of December 31, 2008.

Friends and Santander refuse to comment on a possible offer, with industry sources suggesting Hay could fetch around £50m.

In May, Friends Provident UK managing director Simon Clamp told Money Marketing the firm was considering a push into the individual Sipp market.

In February 2008, Friends scrapped plans to launch its own wrap as part of a move away from wealth management. Soon after, Trevor Matthews was appointed chief executive. He was a strong advocate of wrap in his previous position as head of UK retail at Standard Life. Friends recently said it was looking at an employee benefits wrap proposition.

Syndaxi Chartered Financial Planners managing director Robert Reid says the move would offer Friends immediate access to the wrap market, but adds: “I have never been convinced that the James Hay platform is the finished article.”


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Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]


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