Industry & Business

Davy Group acquires Danske bank wealth management business

 Breaking News
  • Facebook sets up SME council in Ireland Facebook is set to establish an SME Council in Ireland as it aims to grow its usage amongst small businesses here. The council comprises 14 Irish firms and will be led by the company’s SME manager for the UK and Ireland. Facebook is trying to increase the number of companies that use its business tools to [...]...
  • NCC publishes Ireland’s Competitiveness Scorecard 2017 The National Competitiveness Council has published its annual benchmarking report, Ireland’s Competitiveness Scorecard 2017. The Scorecard provides a statistical assessment of Ireland’s competitiveness performance with regard to a range of countries with which we compete for trade and investment. Based on the analysis herein, the Council finds that many facets of Ireland’s competitive performance continued to [...]...
  • ISME calls on employer representatives on the LPC to resign ISME, the Irish Small and Medium Enterprises Association, has called on the three employer representatives on the Low Pay Commission to resign from it. According to the Association, it fully supports the points raised by them in their dissenting opinion to the Commission’s recommendation. However, since the LPC has departed from its terms of reference [...]...
  • The journey towards Industry 4.0 Hartmut Pütz, President Factory Automation EMEA at Mitsubishi Electric Europe, talks about the digital transformation of industry. He focuses on the effects on manufacturing businesses, especially at a production level, and how customers will benefit from innovative Mitsubishi Electric solutions. Manufacturing industry is currently undergoing a period of rapid change. In concrete terms this can be [...]...
  • Belfast company set to revolutionise global weight loss industry Young tech firm Neurovalens has used Invest Northern Ireland support for research and development (R&D) to develop Modius, a weight loss device which combines neuroscience and technology to solve health issues. Neurovalens makes wearable technology which can modify metabolism rates, appetite and fat storage. Congratulating the company, Invest NI’s Director of Innovation, Research and Development Dr [...]...

Davy Group acquires Danske bank wealth management business

Davy Group acquires Danske bank wealth management business
July 11
09:00 2017

The Davy Group has acquired Danske Bank UK’s discretionary portfolio management wealth business for an undisclosed sum.

The deal involves the transfer of the management of more than 1,100 Danske Bank customer investment portfolios, which are currently managed by the bank’s Belfast-based investment centre. The management of these investment portfolios is scheduled to move by the end of October 2017.  There will be no associated redundancies, with twelve Danske Bank employees in Northern Ireland expected to join the Davy Group as part of the deal.

The agreement also sees Danske Bank make Davy Private Clients UK (which is part of the Davy Group), its preferred referral partner for private banking customers seeking investment options over a certain level.

The Davy Group is the leading wealth manager on the island of Ireland with overall assets under management in excess of €14 billion (£12 billion) and over 660 staff, including 65 in Northern Ireland.

Stephen Felle, Chief Executive (UK) of Davy, said: “We are very pleased to welcome Danske Bank’s discretionary Wealth Management customers and associated staff to the Davy Group.  Over our 90 year history, we have focussed on making a difference that matters to our customers. The addition of Danske Bank’s business gives us an opportunity to build long-term relationships with a new group of customers. It also underpins our position as the leading wealth manager in Northern Ireland and opens a new era of partnership between two leading financial institutions.”

Commenting, Brian McKiernan, Chief Executive, Davy said: “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.”

Richard Caldwell, Managing Director of Personal Banking and Small Business at Danske Bank, said: “This has been a good part of our business for many years thanks to the expertise, hard work and customer ethos of our wealth specialists who have been overseeing assets under management of around €570 million (£500 million). However, after a strategic review looking at anticipated future costs and regulatory change, it became clear that the best way forward for our customers was to have support in this area from a specialist wealth management company.”

This deal brings to eight the number of acquisitions made by the Davy Group since 2012, four of these in Northern Ireland including Belfast-based PFC, Graham Corry Cheevers and Square Seven Financial Planning and now, a part of the Danske wealth business.

About Author

editor

editor

Related Articles






Advertisements

































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4

Join our Newsletter!



By subscribing you agree to receive updates from us by email. You can opt out of receiving emails at any time.