Posted on Wednesday 13 May 2015 by Ulster Business
Pictured with Stephen Felle (far right), Chief Executive of Davy Private Clients UK, is, from left to right, Gavin Graham, Brian Corry and Nigel Cheevers.
One of Northern Ireland’s biggest wealth managers has agreed terms to buy financial advisory firm Graham Corry Cheevers.
Davy Private Clients UK, the Northern Ireland wealth management and financial planning arm of Dublin-based Davy Group, wouldn’t reveal how much it had paid for the Belfast company, which manages £230m worth of assets, but said it was on the look out for further acquisition targets in the future.
The deal is Davy’s sixth acquisition in under four years following the purchase of Bloxham in 2012, Prescient (formerly AIBIM) in 2013, and Square Seven and iCubed in 2014, as well as the recent acquisition of Trusted Advisor Group.
Through the acquisitions and organic growth it’s grown its assets under management to £640m from £120m and staff numbers across its Belfast and London offices to 30.
Staff at its latest purchase, which include founders Brian Corry, Gavin Graham and Nigel Cheevers, will relocate to Davy’s office in Donegal Square in Belfast on completion of the deal on June 1.
Stephen Felle, Chief Executive of Davy Private Clients UK, said further deals could be on the cards.
“Davy is a major player in the Northern Ireland financial services market, offering clients high quality advice and global investment solutions. We see Northern Ireland as an area of key growth for the firm and plan to further consolidate this position in the near term as we assess further strategic acquisitions like Graham Corry Cheevers.
The UK-centric investment and regulatory infrastructure that we have established in Northern Ireland is a platform on which to build our service offering in the United Kingdom”, Felle said.
Brian Corry, Gavin Graham and Nigel Cheevers, said the sale came at the right time for the firm.
"Having conducted a thorough review of our current business and the best long-term interest of our clients, we felt it was time to join a firm that has the requisite financial and infrastructural resources to meet our clients' evolving needs in the years ahead."