Investment group snap up Belfast pensions company
Dublin-owned wealth management firm Davy Private Clients has taken over a Belfast pension company - creating the largest business of its kind in Northern Ireland.
Pension & Financial Consultants Limited (PFC) has around 4,000 clients and £600m of assets under management and was set up 20 years ago.
It's Davy's second big deal here this year, after it bought Graham Corry Cheevers in May. It's understood both deals are worth well in excess of £10m combined.
The new business in Belfast will deal with £1.25bn of client assets.
Staff will move from PFC's Dargan Crescent base to Davy's Northern Ireland headquarters at Donegall Square North in Belfast.
Brian McKiernan, chief executive of Davy Group, said the company had "identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland".
He added: "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."
The acquisition - subject to Financial Conduct Authority approval - is due to be completed early next year. And Stephen Warke, managing director of PFC, 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."
Established in 1926, the Davy Group is Ireland's leading provider of wealth management, asset management, capital markets, and financial advisory services.