Posted on Thursday 3 December 2015 by Ulster Business
Pictured with Stephen Felle (centre), Chief Executive of Davy Private Clients UK are (l-r), Shauna Ellis and Andrew Campbell, Davy, Jonathan McAlpine, William Doggart and Paul Taggart, PFC, Stephen Warke, Managing Director, PFC, and Brian Hunter, Davy.
Wealth Management company Davy Private Clients has bought Belfast-peer Pension & Financial Consultants Limited (PFC) for an undisclosed sum.
Davy said the move makes it the biggest wealth manager in Northern Ireland when its £1.25bn assets under management are combined with PFC’s £600m.
PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast, following completion of the deal which is subject to regulatory approval.
The purchase is the latest for the Dublin-based company, which earlier this year bought Graham Corry Cheevers.
PFC is independently owned by its directors and was established 20 years ago. It has around 4,000 clients.
Brian McKiernan, Chief Executive of Davy Group, said he was looking forward to growing the business in Northern Ireland.
“We have 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”.
Stephen Warke, Managing Director of PFC, said the time was right for the merger.
"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.”