Belfast-based Davy Private Clients has acquired IFA Square Seven Financial Planning LLP for an undisclosed sum, marking its fourth acquisition in less than two years.
Davy Private Clients is the Northern Ireland-based wealth management and financial planning division of Dublin-based J&E Davy.
Established in 2005, Square Seven is an independent financial advisory services in Northern Ireland advising private, corporate, trust and pension clients.
While the Square Seven deal is Davy’s first acquisition in Northern Ireland, it is Davy’s fourth acquisition in less than two years following the purchases of the private client and asset management businesses of Bloxham Stockbrokers in May 2012, Prescient Investment Managers (Ireland) Limited (formerly AIB Investment Managers) in November 2013, and investment consultancy iCubed in January 2014.
The addition of Square Seven to Davy’s current private client business in Northern Ireland increases the depth of resources available to the combined client base, Davy bosses said.
Square Seven’s two founding directors David Rea and Sam Curry have more than 50 years of combined financial and investment experience and will join Davy’s existing Belfast-based private client team upon completion of the acquisition.
Tony Garry, chief executive of Davy, said: “In Square Seven Davy is very pleased to have the opportunity to acquire a high quality business, with an accompanying team of experienced financial advisers.
“We look forward to welcoming Square Seven clients and team to Davy Northern Ireland, and to building on the good relationships that have been established through the years.
“Having invested over £33m in our investment and operational infrastructure over recent years, we are well positioned to provide enhanced service across our expanding client base. During this period we have added over 100 staff to our offices in Ireland and the UK.”
Stephen Felle, managing director of Davy Private Clients (NI) and a director of Davy, added: “During 2013 Davy Private Clients grew its assets under management by over 20 per cent (excluding market growth). Additionally, our Belfast office was last year awarded the tender for one of the largest public service investment management contracts in Northern Ireland.
“Northern Ireland is a material part of Davy’s overall private client business, and we see it as an area of key strategic growth in the coming years. We will continue to review further potential acquisitions in Northern Ireland such as that offered by Square Seven.
“Furthermore, the UK-centric investment, operational and regulatory processes we have established in Northern Ireland gives Davy the platform to assess growth opportunities into the rest of the UK, and to build out our service offering to IFAs in Northern Ireland and Great Britain.”
