The acquisition is the sixth in four years for Davy and is unlikely to be the last. As Stephen Felle, Davy Private Clients UK CEO said, the firm views Northern Ireland as a key growth area and plans to “further consolidate this position in the near term as we continue to assess further strategic acquisitions like Graham Corry Cheevers.”
He added: “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”.
The group opened its Northern Ireland office in 2007 and its London office in 2011.
In the past few years, Davy has grown its staff in Belfast from six to over 30 and assets under management from £120m to more than £640m.
According to Davy, on completion of the deal, which is expected within a month, the firm’s three founding partners, Brian Corry, Gavin Graham and Nigel Cheevers and the team around them will relocate to Davy’s private client office in Belfast.
Graham Corry Cheevers, which provides investment management, stockbroking and financial advisory services in Northern Ireland, has around 2,500 with £230m in assets under management, Davy said.
