IFG buys two pensions firms for €13.5

Irish financial services firm IFG Group has bought two pensions sellers for €13.6 million ($18.5 million) to expand its Irish pension unit.

IFG said in a statement it was buying Pensco - subject to approval from the Financial Regulator – from Fexco which holds 67.46 per cent of the issued share capital with the board and management holding the remainder. Pensco has annual business revenues of €700,000.

It has also completed the purchase of Nameridge, which in the year to the end of December 2007 reported turnover of €830,000.