Davy buys Danske Bank Belfast unit
DUBLIN-BASED Davy has acquired Danske Bank's wealth-management business in Northern Ireland, adding around 1,100 customers.
The deal involves the transfer of the management of more than 1,100 Danske Bank customer investment portfolios, which are currently managed by Danske's bank's Belfast-based investment centre.
Management of the accounts is scheduled to move by the end of October 2017.
All 12 Danske Bank employees in Northern Ireland who handle the business are expected to join the Davy Group as part of the deal.
The agreement also sees Danske Bank make Davy its preferred referral partner for private banking customers.
Davy's CEO Brian McKiernan said: "In common with other recent acquisitions by the Davy Group, this deal reflects an ongoing trend of consolidation and specialisation of wealth-management services in favour of providers of scale with the requisite investment in both compliance and investment insight.
"We expect this trend to continue and see continuing opportunities for appropriate bolt-on acquisitions.
"In the meantime, we look forward to welcoming new clients and the former Danske team."
Two years ago, Davy added Belfast-based financial-advisory and investment firm Graham Corry Cheevers to its Northern Ireland business. In 2014, it bought Square Seven Financial Planning, also based in Belfast.
The Dublin firm opened its Northern Ireland office in 2007, followed by a London office in 2011.