The deal, which is subject to Financial Conduct Authority approval, is expected to close in early 2016. PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast, following completion of the acquisition.
Independently owned by its directors and founded in 1995, PFC has close to 4,000 clients and £600m of assets under management. Stephen Warke, managing director if PFC, said: “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.”
Davy Private Clients UK is the wealth management and financial planning division of the Davy Group. The acquisition of PFC establishes Davy Private Clients as the number one wealth manager in Northern Ireland, with assets under management exceeding £1.25 bn and more than 65 staff.
Davy Private Clients has experienced fast growth in Northern Ireland recently, with client assets increasing ten-fold since 2013. PFC is Davy’s third Northern Irish acquisition in this period.
In order to support its growth plans for Northern Ireland and the UK, Davy Private Clients is also starting a recruitment drive. The firm will hire senior and “highly qualified” investment and financial planning professionals in Belfast and London.
