The acquisition of PFC will establish Davy Private Clients as the number one wealth manager in Northern Ireland, it said, with assets under management in excess of £1.25bn (€1.8bn, $1.9bn).
“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,” said Stephen Felle, chief executive of Davy Private Clients (UK).
Davy Group has acquired seven businesses in the wealth and asset management area in the last four years.
Highly selective
Established 20 years ago and independently owned by its directors, PFC has approximately 4,000 clients and £600m in assets under management.
“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.”
Stephen Warke, managing director of PFC, said: “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.”
