IFG Sells Int’l Division to AnaCap

Irish financial services group IFG has sold its international division to private equity fund manager AnaCap for 70 million pounds ($111 million), writes Reuters. AnaCap, which has more than 1 billion euros ($1.4 billion) of assets under management, owns UK bank Aldermore, brokerage Conduit Capital Markets and Malta’s Mediterranean Bank, according to Reuters.

Reuters – Irish financial services group IFG has sold its international division to private equity fund manager AnaCap for 70 million pounds ($111 million), the company said on Thursday.

The division, which offers trustee and corporate services in a number of countries including Jersey, Cyprus and Switzerland, has gross assets of 64 million pounds and represented 8 million pounds of IFG’s 2011 adjusted operating profit of 22.6 million.

IFG, whose core business is providing financial advice and pension administration services in Britain and Ireland, will hold an extraordinary general meeting to approve the deal.

“The proceeds will provide options for the group including debt repayment, shareholder return and strategic investment in the SIPP and advisory businesses,” chief executive Mark Bourke said in a statement, referring to self-invested personal pension products in Britain.

IFG shares were up 5 percent at 0845 GMT.

IFG also announced 2011 results that were broadly in line with expectations.

IFG last year announced talks had ended with Bregal Capital over a 231 million euros ($314 million) takeover bid due to market weakness.

AnaCap, which has more than 1 billion euros ($1.4 billion) of assets under management, owns UK bank Aldermore, brokerage Conduit Capital Markets and Malta’s Mediterranean Bank.