Kestrel Capital, the private equity-backed Irish wealth manager, has agreed to acquire investment advisory firm Kinsale Capital for an undisclosed sum.
The transaction, which is subject to regulatory approval, extends Kestrel’s reach into the Irish wealth management market after taking on investment from European private equity firm IK Partners last year.
Financial details have not been disclosed, but citing sources familiar with the transaction, The Sunday Times reported recently that the deal was worth about €10 million.
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Founded in 2015, Kestrel provides services to high-net-worth individuals, corporate clients and family offices. The deal for Kinsale will bring its assets under management to around €1.5 billion, it said.
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Dublin-based Kinsale, meanwhile, was founded in 2005 by Gearóid Doyle, who has led the firm along with Seán Ó Flannagáin and George Dargan. Dargan will join Kestrel to “support the transition”, the firm said in a statement, and “ensure continuity for Kinsale’s clients”.
Kinsale has established itself as “one of Ireland’s most respected wealth management firms, with a strong reputation for client service and long-term investment stewardship,” said Kestrel chief executive John Crowe.
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“This acquisition represents an important step in Kestrel’s growth ambitions, strengthening our presence in Ireland and enhancing our ability to serve clients across the country,” he said.
Doyle said he is “immensely proud” of Kinsale’s achievements. “This transaction marks an important stage in Kinsale’s evolution. Since founding the business, our focus has been on building long-term relationships and helping clients achieve their financial goals through independent advice and trusted guidance.”
Ireland’s wealth management industry is forecast to expand in value to $9 trillion (€7.9 trillion) by the end of the decade from about $5.2 trillion now, amid strong and growing demand for EU market access among international fund managers.
Further consolidation is expected within the industry as firms look to capitalise on the Republic’s position as a global fund domicile and administration hub.
