DAVY Private Clients UK

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Brexit: What Next?

Dear Client

As promised in our recent Brexit Statement, we now have pleasure in attaching a link to the Davy website for an article and summary video in which Alan Werlau, Senior Investment Strategist at Davy, provides his thoughts and views of the possible scenarios over the coming months.

Initially following Brexit we reported a decline in the FTSE 100 Index by some -4.82%.  Thankfully our risk graded managed portfolios did not suffer such volatility and have held up very well over the last days/week.  Indeed recently we have seen a bounce back in the FTSE 100 to a value higher than pre Brexit.

To give some idea, our most popular portfolio ‘Cautious to Balanced’ over the last fortnight has recorded a positive return of almost 0.50%.

No doubt however there will continue to be volatility in markets in the coming weeks/months and again we would encourage investors not to panic but to sit tight, since history confirms that the long term returns in well diversified portfolios will usually outpace deposit returns and inflation over the long term.

As ever if you have any queries or concerns or require personal advice, please do not hesitate to get in touch with us, when we would be very pleased to assist.

The Directors PFC

Watch the video and read more  

Warning: Past performance is not a reliable guide to future performance.  The value of your investment may go down as well as up.  Returns on investments may increase or decrease as a result of currency fluctuations.   

Brexit Statement

Click on the link below for our Brexit Statement.

Food for thought – March 2016

Click on the links below for the following articles:


pfc e-news spring 2016

Click on the link below to access pfc e-news spring 2016, which covers such topics as ‘highlights from the Autumn Statement’ and ‘should you still plan for inheritance tax?’

Food for thought – February 2016

Click on the links below for the following articles:

Food for thought – January 2016

Click on the links below for the following articles:



Winter 2015 Newsletter

Click here to access our Winter 2015 Newsletter.

PFC to be acquired by Davy Private Clients

Decision creates strong wealth management force in Northern Ireland’s financial services marketplace and provides exciting potential for both PFC clients and staff

Belfast, Monday 30th November 2015 – The Directors of Pension & Financial Consultants Limited (PFC) announce the acquisition of PFC by Davy Private Clients UK (Davy), the Northern Ireland-based wealth management and financial planning division of the Davy Group.

Once approved by the Financial Conduct Authority, PFC’s directors and staff will transfer from their offices at Quayside Office Park to Davy’s Northern Ireland offices at Donegall Square, Belfast.

The addition of PFC takes Davy’s staff numbers in Northern Ireland to 65 and establishes Davy Private Clients as the number one wealth management firm in Northern Ireland with assets under management in excess of £1.25 billion (€1.76 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 April 2015.

Commenting, 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.”

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 of Davy Private Clients (UK), added:

“The addition of PFC helps us achieve a leadership position in wealth management in Northern Ireland, as defined by size of client assets under management, having the best team and client centred 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 610 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’s Wealth and Asset Management business looks after over €15bn (May 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.

As the leading broker in the Irish market, Davy accounted for over 43% of all dealings in Irish equities on the Irish Stock Exchange in 2014 (Irish Stock Exchange December 2014). Davy is a primary dealer in Irish Government Bonds and acts as manager on the majority of Irish corporate bond issues. It advises 67% of companies on the Irish Stock Exchange, including 8 of Ireland’s top 10 listed companies (Irish Stock Exchange December 2014). Davy is Ireland’s leading ESM and AIM adviser, representing approximately 73% of companies quoted on the ESM market (Irish Stock Exchange December 2014), and 17 companies quoted on the AIM market of the London Stock Exchange (Irish Stock Exchange March 2015). Davy is responsible for over 70% of funds raised on the Irish Stock Exchange over the past four years (Irish Stock Exchange December 2014).

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.

Summer Budget 2015 – Summary

Following the surprise Conservative victory in the general election, the new government announced shortly after that there would be a second Budget in July – and here we are.

Some of George Osborne’s most significant announcements included:

  • Dividend tax credit will be abolished from April 2016 and there will be a new dividend tax allowance of £5,000 a year. In addition, there will be new dividend taxes.
  • Private landlords’ wear and tear allowance will be replaced in April 2016 with a deduction for the actual cost of replacing furnishings.
  • The NIC employment allowance of £2,000 will rise to £3,000 from April 2016, but will not be available for single director/employee companies.
  • Non-UK domiciled individuals who have been resident in the UK for at least 15 of the last 20 years will be treated as UK domiciled for tax, including inheritance tax, from April 2017.
  • The government will be consulting on radical reform of the system of tax relief for pensions.
  • The introduction of the secondary market in pension annuities has been postponed until 2017.

If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please get in touch with us to discuss them.

For our full summary of the Budget highlights click here:  Summer Budget 2015, a summary.

Food for thought – May 2015

Click on the links below for some thoughts on: