Online investments and pensions company Moneycube has purchased two Dublin-based financial advice firms, as consolidation in the sector continues.
Moneycube has acquired Allen Retirement & Finance (ARF) and Pension Investment & Property Trustees (PIPT).
The companies specialise in corporate pensions consultancy and private wealth management.
Moneycube grew at an annual rate of more than 125pc last year, and the combined business will have over €100m in assets under advice, according to a statement from the company.
The business is predicting turnover of over €1m in its first full year of combined operation.
ARF and PIPT were established in 2000 and 2005 respectively. The two will continue to operate under their existing brands and with the same senior leadership teams.
“The founders of ARF and PIPT have built two first-rate pensions and investment businesses over more than 20 years,” Ralph Benson, head of financial advice at Moneycube, said.
“Moneycube is looking forward to partnering with them so that we can continue to deliver the high-quality advice which their corporate and personal customers expect.”
The financial details of the deal have not been made public.
Moneycube was established in 2015 by chartered accountant Ralph Benson and banker Feargal McKenna.
Mr McKenna, head of corporate at Moneycube, said the group anticipates “significant consolidation of the pensions and advice industry in Ireland, driven by changing customer demand, demographics and regulation, and supported by increasing interest from private equity and trade buyers”.
He added that the company “intends to play a leading role in that consolidation”.
“The deal with ARF and PIPT is a strong example of how we can be an ideal partner to support a planned exit for high-quality owner-managed pensions and investment advice businesses,” he said.
The Moneycube co-founders will become directors of both ARF and PIPT.
Declan Allen, managing director of AFR, will become CEO of ARF, and Sean Cassidy, founder of PIPT, will become senior investment consultant at the enlarged firm.