U.K.-based asset manager IFG Group PLC said the Financial Conduct Authority approved Aug. 12 its proposed acquisition by SaintMichelCo Ltd., a wholly owned indirect unit of funds advised by private equity firm Epiris LLP.

IFG noted the acquisition and arrangement scheme, which was approved by the company's shareholders May 9, remain subject to the sanction of the U.K. High Court. The court hearing will take place Aug. 27.