SYS Financial, the fast-growing financial broking group founded by former Tipperary hurling star Tony Delaney, has acquired financial planning practice GTL Life and Pensions to bring its overall assets under management to more than €680 million.
The 11-year-old business, which provides financial services to employers, private wealth clients and individuals, said it has further acquisitions in the pipeline that are projected to bring its client assets under management to €1.3 billion by April.
Portlaoise-based GTL was founded in 1977 by the late John Lawlor and is currently led by his daughter Emma Lawlor, who is managing director. The company has €30 million in assets under management, and offers personalised financial planning and long-term client relationships.
SYS was founded in 2015 by Mr Delaney (54), who spent more than two decades with New Ireland, initially as a financial adviser, before a long period as a regional sales manager. He is chief executive of the group as well as controlling shareholder alongside his wife Elaine.
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Outside the financial world, he was on the winning team in 11 county and three Munster hurling championships with Toomevara GAA club in Co Tipperary.
“We’re delighted to welcome GTL Life and Pensions into SYS Financial,” said Mr Delaney. “It is a firm which shares our culture and values of integrity, professionalism and client-first advice.
“This acquisition strengthens our presence in a key regional market and reinforces our ambition to be the leading provider of client-focused financial planning in Ireland. We are committed to expanding our footprint across Ireland.”
Ms Lawlor described the deal as “a natural next step, providing our clients with continued personal service backed by the strength, technology, and expertise of a leading national firm”.
SYS said in October it was in talks with financial investors as it sought to raise additional capital to play a major role in deal-making across the brokerage sector.
“We are looking for financial investment to back our team as we grow to the next level,” said Mr Delaney at the time. “The new investors will have to buy into our culture and not interfere with how the business is run on a day-to-day basis.”
While the general insurance broking sector has been the subject of a flurry of mergers and acquisitions over the past decade, consolidation in the financial advisory space is less advanced.
The ultimate backers of the acquirers in both sectors are often private equity firms, even if recurring fees, beloved by such investors, are less of a feature in the financial advisory industry than in insurance broking.
Deal-making is accelerating against the backdrop of rising regulatory, compliance and technology costs – and as owners of firms, built over decades, navigate issues over succession planning.
SYS has been unusual among the consolidators in recent years in not having been backed – so far at least – by private equity.
