Dublin wealth management firm adds to Belfast portfolio

Pictured with Davy Private Clients CEO Stephen Felle, centre, are, from left, Shauna Ellis and Andrew Campbell, Davy, Jonathan McAlpine, William Doggart and Paul Taggart, PFC, Stephen Warke, MD, PFC, and Brian Hunter, Davy
Pictured with Davy Private Clients CEO Stephen Felle, centre, are, from left, Shauna Ellis and Andrew Campbell, Davy, Jonathan McAlpine, William Doggart and Paul Taggart, PFC, Stephen Warke, MD, PFC, and Brian Hunter, Davy

A Dublin based wealth management firm has established itself as the largest such all-island business with its latest acquisition of leading local firm Pension & Financial Consultants Limited (PFC).

The Irish firm’s second purchase in Belfast this year, PFC has approximately 4,000 clients and £600m (€850m) of assets under management. ;

The acquisition of PFC establishes Davy Private Clients as the number one wealth manager in Northern Ireland, with assets under management in excess of £1.25 billion (€1,76bn) and more than 65 staff with more recruitment planned.

Davy Private Clients has undergone unprecedented growth in Northern Ireland in recent years, with client assets increasing ten-fold since 2013. PFC is Davy’s third Northern Irish acquisition in this period.

The deal, which is subject to Financial Conduct Authority approval, is expected to complete in early 2016. PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast, following completion;

To support its growth plans for the province and the wider UK wealth management market-place, Davy Private Clients is also commencing a recruitment drive which will see the firm hire senior, highly qualified investment and financial planning professionals in Belfast and London.

“We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland,” said Davy Group CEO Brian McKiernan.

“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”.

Stephen Warke, managing director of PFC, said the deal was a significant one.

“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.”

Stephen Felle, Chief Executive of Davy Private Clients (UK), added: “The addition of PFC is the latest in a series of milestones for Davy Private Clients in Northern Ireland over the last three years, and has helped us achieve a leadership position in that market.

“Davy’s focus is on building long-term relationships with our clients based on trust, and high quality financial advice and investment outcomes.

“We look forward to welcoming PFC’s clients to Davy, demonstrating to them our commitment to such high service standards, and working with them in the years and decades ahead on their financial affairs”.