IFG Group, the parent company of James Hay and national advice firm Saunderson House, has seen assets and revenues tick up as it prepares to a sale to private equity.
A sale agreement was reached with private equity firm Epiris in March, valuing the group at £206m.
IFG Group shareholders will vote on the deal, under which Epiris would acquire the entire issued share capital of IFG, at the group’s annual general meeting today.
In a stock market update this morning, IFG says since the acquisition was announced, it has “continued to trade in line with expectations”.
As at 31 March 2019, assets under administration at James Hay were £26.1bn, 2.8 per cent higher than in 31 March 2018, and 3.2 per cent up on 31 December 2018.
Positive market movements of £0.6bn during the latest quarter offset the market falls experienced in the final quarter of 2018.
Meanwhile Saunderson House now serves 2,385 clients, up 7.7 per cent from March 2018 and up 1.8 per cent on 31 December 2018. Assets under advice at 31 March 2019 were £5.1bn, in line with 31 March 2018 and up 4.8 per cent on 31 December 2018.
One issue that remains, however, is an ongoing legal dispute with HM Revenue and Customs regarding outstanding tax payments on biofuel scheme investments.
Last year, James Hay told Money Marketing it was reviewing all of its older products after the issues with Elysian Fuels.
In the statement this morning, IFG chief executive Kathryn Purves says: “The group remains focused on resolving its legacy issues, however, at this stage there is no further update in relation to the Elysian Fuels matter in James Hay.”