Epiris, the London-based private equity firm, which acquired IFG Group in March of this year, has had the transaction approved by the Financial Conduct Authority. However, the deal is still subject to shareholder approval and sanctioning at the High Court, in an upcoming hearing this August.
IFG Group, which is the parent company of both financial adviser Saunderson House and Sipp provider James Hay, is set to be bought for £206m.
IFG reported profits of over £12m in the year to December 2018 along with £25.3bn in assets under administration. Kathryn Purves, IFG’s chief executive, said the purchase was positive “both for shareholders and clients”.