STOCKBROKERS Davy Private Clients now manage more than £1.25
The company has taken over Pension & Financial Consultants (PFC) in a move that doubled the level of its managed assets in the north.
PFC was set up 20 years ago and manages around £600 million for 4,000 clients.
It represents Davy's third acquisition in Northern Ireland since 2013 in a period which has seen client assets increasing ten-fold.
PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast, following completion which is expected early next year.
It will bring the number of people working for the company in the north to more than 65 while the company is seeking to hire senior, highly qualified investment and financial planning professionals in Belfast and London.
Davy Group chief executive Brian McKiernan said the company has identified "a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland".
"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."
PFC managing director Stephen Warke 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.”
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."
