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July 10 2017 10:47 AM
Dublin based Davy has acquired Danske Bank’s wealth management business in Northern Ireland, adding around 1,100 customers.
The deal involves the transfer of the management of more than 1,100 Danske Bank customer investment portfolios, which are currently managed by Danske’s bank’s Belfast-based investment centre.
Management of the accounts is scheduled to move by the end of October 2017.
All twelve Danske Bank employees in Northern Ireland who handle the business are expected to join the Davy Group as part of the deal.
The agreement also sees Danske Bank make Davy its preferred referral partner for private banking customers.
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"In common with other recent acquisitions by the Davy Group, this deal reflects an ongoing trend of consolidation and specialisation of wealth management services in favour of providers of scale with the requisite investment in both compliance and investment insight.
We expect this trend to continue and we see continuing opportunities for appropriate bolt on acquisitions. In the meantime, we look forward to welcoming new clients and the former Danske team," said Davy CEO Brian McKiernan.