Davy seals Belfast expansion
DAVY Group has sealed its acquisition of Danske Bank’s wealth management business, cementing the Irish-based firm’s ranking as the top wealth manager on both sides of the Irish border.
Under the terms of the deal 10 staff from the Danish lender will join Davy’s Belfast operations.
The takeover means the Dublin-based firm will assume management of over 1,100 customer investment portfolios once controlled by Danske.
Stephen Felle, head of Davy Private Clients, emphasised that the agreement also ranks Davy as the Danske’s preferred referral partner for the lender’s private banking clients seeking investment options of more than £150,000.
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 as it pushed into the wider UK market.