Davy makes latest move on Northern market with buy
Davy Private Clients UK, the wealth management and financial planning wing of the Davy Group, is buying Northern Ireland-based Pension & Financial Consultants (PFC) Limited.
The deal marks the latest in a number of company acquisitions this year by the Dublin-based group, as it continues its buying spree, with three in Northern Ireland alone since 2013. The UK is on the radar for the group as it seeks to expand further into the market.
PFC has around has 4,000 clients and £600m (€850m) of assets under management.
Brian McKiernan, Davy Group chief executive, said the Group had identified a need for high quality financial and wealth management advice in Northern Ireland.
"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," Mr McKiernan said.
Stephen Warke, PFC managing director, said the time was right for the move.
"We have been highly selective in choosing Davy and believe together we are best placed to serve our clients' needs through our unique strength and depth of resources across pensions, financial planning, investment and wealth management.
"We are very excited at the potential this transaction provides for our clients and staff alike."
In January, Davy announced that it had bought Square Seven Financial Planning in Belfast and in May it said it was acquiring Belfast-based financial advisory firm Graham Corry Cheevers.
It is understood the PFC and Graham Corry Cheevers deals have a combined value of more than £10m.
The PFC acquisition is expected to complete early next year.