View more on these topics

New buyer may sell off James Hay wrap

IPS Partnership owner IFG Group could sell the James Hay wrap after it takes over the firm in February in a deal worth £35m.

The Sipp specialist revealed last week that it is set to buy the firm from Santander. IFG is proposing to raise £45.3m from shareholders.

IPS, which has 8,000 Sipp clients and 1,700 with SSASs, will take on James Hay’s 33,000 Sipp clients. IPS will eventually be rebranded James Hay.

But IPS managing director Tim Sargisson says the firm is undecided on whether the wrap business will be retained.

He says: “We are Sipp experts, not wrap experts, so we will have to look very closely at that. It is really too early to say whether we will keep that side of things.

“I am prepared to keep a completely open mind at this stage with regard to the other bits of the James Hay business but we will have to take a good, hard look at it when we get in.”

IPS and James Hay will be run on separate platforms. Sargisson says integrating the systems would be the “kiss of death” for both businesses.

He says he is confident that the firm can make a success of the takeover.

He says: “James Hay is a market leader that has lost its way and we feel we can make success of it. I would love to give Standard Life and AJ Bell a run for their money.”

There is a lot of loyalty within the IFA community for James Hay. It is a good brand but it as become tarnished over the past few years.

“The business has some very good systems and excellent people but it needs a bit of direction and strategy, which perhaps has not been forthcoming from its current owners.”

A Santander spokesman says: “Santander has reached an agreement to sell its Sipp and wrap provider. James Hay is not core to the bank’s long-term strategy. The sale is part of Santander’s ongoing focus on its retail and corporate banking operations.”

IFG will hold an extraordinary general meeting on January 4 to approve the deal.


Aviva’s Europe property back to trading

Aviva Investors has resumed trading on its European property fund after improvements in its liquidity position. Aviva Investors suspended trading on the fund, which is managed by Julian Taylor, on November 4, 2008 after the fund’s cash level diminished from the beginning of the year. The company says that the fund’s most recent real estate […]

Keep focus on clients

Bruce Wilson IFA View What a turbulent year this has been. Despite the markets being among the most challenging and unpredictable in recent memory, I think most of us have come out a lot stronger than we could have hoped at the outset. The economy is slowly but surely easing its way out of recession […]

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. IPS will need to look very closely at the charging strutcture of the James Hay wrap if they want to take it forward as a credible option for IFAs. MarketWatch maintains a database of the charges of 8 platforms (including James Hay) for over 6,000 funds across all tax wrappers which shows some key areas to be addressed.

  2. To Colin Turton

    I’m a current James Hay Wrap user and have been looking at their charging structure as I reassess my client proposition.

    Can you point me in the direction of the Market Watch info you refer to?


  3. Dominic Embley Projxhub 18th December 2009 at 12:52 pm

    Having provided (to James Hay) Project implementation services, analsyis and platform delivery it will be interesting to see what happens to Jame Hay.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm