AnaCap snaps up IFG arm for £70m

City A.M. Reporter
IRISH financial services group IFG has sold its international division to private equity fund manager AnaCap for £70m. The division, which offers trustee and corporate services in countries including Jersey, Cyprus and Switzerland, has gross assets of £64m and represented £8m of IFG’s 2011 adjusted operating profit of £22.6m. IFG will hold an extraordinary general meeting to approve the deal.