01 Mar 2023
IFGL has completed the deal to buy Sovereign Pension Services (UK) Limited (SPS) from the Sovereign Group.
Work will now begin to rebrand SPS as IFGL Pensions by the middle of 2023.
IFGL announced its intention to buy the international SIPP and SSAS administrator and operator in August and the deal has been going through the regulatory approval process since.
The company will continue to be based in Bromborough, Wirral, where it employs 45 staff.
‘We are delighted we can now officially welcome SPS into the IFGL family,’ said IFGL Chief Executive David Kneeshaw. ‘We have ambitious plans for their future. This is a strategic acquisition which will allow IFGL to provide a wider range of services and value to customers and advisers. There is a gap in the market for a service-led and cost effective SIPP proposition and SPS, soon to be IFGL Pensions Ltd, will ably fill that gap.’
IFGL provides investment, savings and protection solutions to international investors around the world. Upon completion of this deal, IFGL had 216,000 customers, USD23 billion assets under administration and 570 staff (as at 31 December 2022).