IFG sells UK unit to Ascot Lloyd

IFG sells UK unit to Ascot LloydIFG, a leading financial service giant, has said that it is selling its UK business IFG Financial Services, to Ascot Lloyd in a deal valued at about £3.5 million or about €4.19 million.

Booterstown-based IFG said that it might get a maximum of£5.6m if sales targets of the company are met in the next two years. The company's UK unit will become a part of the IFA business of Ascot. Ascot's IFA businesses will now include FG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.

"This is the final step in the rationalisation of our non-core UK activities and facilitates an increased focus on continued growth and development of our core UK businesses, Saunderson House and James Hay Partnership," IFG said in a statement.

IFG was established by Joe Moran and Richard Hayes in the 1990s. IFG has been one of the few firms that survived the global economic crisis. It offers pensions and other financial services to companies and individuals in the UK and Ireland. The decision to sell the unit is a part of the company's strategy to sell its non-core businesses.