Davy to buy Northern Irish wealth manager

Irish investment group Davy said on Monday that it is to acquire Northern Ireland based Pension & Financial Consultants Limited (PFC) for an undisclosed sum.

Independently owned by its directors, PFC was established 20 years ago and has approximately 4,000 clients and £600m (€ 850m) of assets under management.

The deal will establish Davy’s wealth division, Davy Private Clients, as one of the largest wealth managers in Northern Ireland, with assets under management in excess of £1.25 billion (€ 1.8bn) and over 65 staff. The deal is Davy’s third Northern Irish acquisition since 2013, and the investment group has increased client assets in the north ten-fold since this time.

Brian McKiernan, chief executive of Davy Group, said: " By adding PFC we will integrate a team of directors and staff who are of like mind and ensure that we have the scale and resources in Northern Ireland to meet the evolving needs of our growing client base".

The deal, which is subject to Financial Conduct Authority approval, is expected to complete in early 2016. PFC's directors and staff will move to Davy's new Northern Ireland headquarters in Donegall Square North, Belfast, following completion.

Earlier this month it was disclosed that Davy is understood to be poised to hand employees about € 40 million as it repays loans linked to its 2006 management-led buyout.