Davy Private Clients UK has acquired Belfast-based Pension & Financial Consultants Limited (PFC).
The sum was undisclosed.
Davy Private Clients UK, which is based in Belfast, Dublin and London, is the wealth management and financial planning division of the Davy Group. Client assets have increased ten-fold since 2013 and this is Davy’s third Northern Irish acquisition within this period.
PFC is one of Northern Ireland’s leading wealth management firms. Its independently owned by its directors and established 20 years ago, and has approximately 4,000 clients and £600m (€850m) of assets under management.
Following the deal, Davy Private Clients claims to be the number one wealth manager in Northern Ireland, managing £1.25 billion of client assets.
The deal is subject to Financial Conduct Authority approval and is expected to complete in early 2016. Following completion, PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast.
Chief Executive of Davy Group Brian McKiernan said: “We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland. Davy has invested heavily to ensure that we are in a position to make a difference to our clients through the quality of our people and our advice. 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”.
Managing Director of PFC Stephen Warke said: “During our 20 years in business our primary aim has always been to provide the best advice possible focused on our clients’ needs and requirements. Having considered the matter in great detail over the last year we now feel the time is right to bring together the strengths of our business with that of another leading firm who have the same principles. 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.”
Chief Executive of Davy Private Clients (UK) Stephen Felle said: “The addition of PFC is the latest in a series of milestones for Davy Private Clients in Northern Ireland over the last three years, and has helped us achieve a leadership position in that market. Davy’s focus is on building long-term relationships with our clients based on trust, and high quality financial advice and investment outcomes. We look forward to welcoming PFC’s clients to Davy, demonstrating to them our commitment to such high service standards, and working with them in the years and decades ahead on their financial affairs”.