A newsletter issued by James Hay revealed the takeover this morning.
It read: “We’re excited to let you know that following approval from the relevant regulatory bodies, independent private equity manager Epiris has completed its acquisition of IFG Group plc, our parent company.
“Although there won’t be any immediate change to the day to day operation of James Hay, Epiris is committed to growing our business through a significant investment programme which will focus on our proposition, service and brand.
“We’ll be sharing more details later in the year.”
Financial Planning Today previously revealed that Epiris had made a recommended cash offer of £206m for IFG Group earlier this year.
The deal is worth £1.93 in cash for each IFG ordinary share and values IFG at approximately £206m.
The offer price is a 46% premium to IFG’s closing price on 22 March of £1.32p although IFG’s share price has topped 180p in the past 18 months.
Disappointing figures and a weaker stock market have seen the IFG share price suffer downward pressures.
Epiris is a long-established private equity firm and was formerly known as Electra Partners.
It is based in Gutter Lane in the City of London and has invested £1.1bn in 20 companies since 2011, ranging from an auction house to an equity release firm.
Epiris invests in UK-headquartered businesses with a value of between £75m and £500m.
It has a track record of transforming businesses.
IFG is a familiar name to UK Financial Planners and advisers and is listed in London and Dublin.
As at the end of 2018, IFG had £30.2bn of assets under administration or advice across James Hay (£25.3bn of assets under administration) and wealth manager Saunderson House (£4.9bn of assets under advice).
In the year ended 31 December 2018, IFG reported an operating profit of £12.4m and a post tax loss of £1m.
Revenue was up 12% from £78.4m to £87.6m and the firm said it saw improving underlying performance during the year.
Kathryn Purves, chief executive of IFG, said at the time the takeover was announced that the offer by Epiris represented “a compelling opportunity for shareholders”.