Davy acquires financial boutique Square Seven
Davy Stockbrokers said it will buy Belfast-based financial planning boutique Square Seven.
Dublin-based Davy declined to say what it will pay for eight-year-old Square Seven which advises private, corporate, trust and pension clients and manages assets worth around £400m (€480m). Sources said the stockbroker will pay up to €2m depending on certain targets being met.
Square Seven founders David Rea and Sam Curry will join Davy's existing Belfast-based private client team following the acquisition.
Davy's private clients unit opened a Northern Ireland office in Donegall Square, Belfast, in 2007 and has an existing team of 10 servicing the investment and financial planning needs of clients in Ulster.
The team also works closely with independent financial advisers who have chosen to outsource client investment management needs to Davy.
Davy is on something of an acquisition spree. Square Seven is the fourth acquisition in under two years following the purchases of the private client and asset management businesses of Bloxham Stockbrokers in May 2012; Prescient Investment Managers (Ireland) Limited (formerly AIB Investment Managers) in November 2013; and investment consultancy iCubed earlier this month.
"In Square Seven, Davy is very pleased to have the opportunity to acquire a high-quality business, with an accompanying team of experienced financial advisers.
"We look forward to welcoming Square Seven clients and team to Davy Northern Ireland, and to building on the good relationships that have been established through the years," said Davy chief executive Tony Garry.
"Having invested over €40m in our investment and operational infrastructure over recent years, we are well positioned to provide enhanced service across our expanding client base. During this period we have added over 100 staff to our offices in Ireland and the UK," he added.