PFC acquired by Davy
Decision creates a strong wealth management force in Northern Ireland’s financial services marketplace and provides exciting potential for both PFC clients and staff
Following approval by the Financial Conduct Authority, the acquisition of Pension & Financial Consultants Limited (PFC) by J&E Davy Holdings completed on 1st April 2016. PFC’s directors and staff have transferred to Davy Private Clients’ Northern Ireland headquarters at Donegall House, 7 Donegall Square North, Belfast BT1 5GB.
The addition of PFC takes Davy’s staff numbers in Northern Ireland to over 60 and establishes Davy Private Clients as one of the leading wealth management firms in Northern Ireland with assets under management in excess of £1 billion. This is Davy’s third acquisition in Northern Ireland in recent years, following the purchase of Square Seven Financial Planning in 2014 and Graham Corry Cheevers in December 2015.
Commenting, Stephen Warke, 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.”
Commenting, Brian McKiernan, Chief Executive of Davy Group, said:
“We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland. 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 a growing client base. In PFC, we identified a business with a shared objective and culture to Davy’s: focused on delivering high quality, timely advice; and delivering meaningful outcomes to clients over long periods of time. We look forward to welcoming PFC clients and staff to Davy, and building long-term relationships with them in the coming years.”
Stephen Felle, Chief Executive – UK of Davy Private Clients, added:
“The addition of PFC helps us achieve a leading position in wealth management in Northern Ireland, as defined by size of client assets under management, having a strong and professional team and client centric process. It also gives us a platform to further develop our services and footprint in Northern Ireland and Great Britain.”
Established in 1926, the Davy group is Ireland’s leading provider of wealth management, asset management, capital markets, and financial advisory services. Davy is headquartered in Dublin, with offices in London, Belfast, Cork and Galway. Employing over 650 people, Davy offers a broad range of services to private clients, small businesses, charities, credit unions, corporations and institutional investors. It organizes its activities around four interrelated business areas – Wealth and Asset Management, Capital Markets, Corporate Finance and Research.
Davy Private Clients looks after over £10bn AUM of which £1bn is in Northern Ireland (Dec 2015) on behalf of Irish and International clients. Davy has acquired seven businesses in the Wealth and Asset Management area in the last four years and has a stated plan to continue to grow both organically and through acquisitions. Davy is Ireland’s leading wealth manager providing a financial planning led private client service backed up by global investment portfolios driven by a proprietary investment process.
Davy Private Clients is a division of J & E Davy. J & E Davy, trading as Davy, is regulated by the Central Bank of Ireland. Davy is a member of the Irish Stock Exchange, the London Stock Exchange and Euronext. In the UK, Davy is authorised by the Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation and regulation by the Financial Conduct Authority are available from us on request.