Northern Ireland’s largest wealth manager Davy Private Clients UK has acquired Danske Bank’s discretionary portfolio management business.
The deal will see more than 1,100 client portfolios transfer to Davy by the end of October.
The value of the deal was not disclosed.
There are no redundancies as a result of the acquisition and 12 Danske employees will join Davy as part of the deal.
As part of the agreement Davy becomes Danske Bank’s “preferred referral partner” for private banking customers seeking options to invest over £150,000.
Danske Bank personal banking and small business managing director Richard Caldwell says: “After a strategic review looking at anticipated future costs and regulatory change, it became clear that the best way forward for our customers was to have support in this area from a specialist wealth management company.”
Davy UK chief executive Stephen Felle adds: “The addition of Danske Bank’s business gives us an opportunity to build long-term relationships with a new group of customers. It also underpins Davy’s position as the leading wealth manager in Northern Ireland and opens a new era of partnership between two leading financial institutions.”