Davy seals Belfast ex­pan­sion

Irish Independent - Business Week - - BUSINESSWEEK -

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.

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