UK firm buys part of Danske Bank’s wealth management unit

Northern Irish wealth management company Davy Private Clients UK (Davy) has acquired Danske Bank’s discretionary portfolio management wealth business.

The deal, whose financial details have not been disclosed, includes the transfer of the management of more than 1,100 Danske Bank customer investment portfolios.

The move is scheduled by the end of October 2017 and twelve employees from Danske Bank are to join Davy as part of the deal.

Through the agreement, Danske Bank will make Davy its preferred referral partner for private banking customers seeking options to invest over £150,000.

In recent years, the firm has purchased several investment and wealth advisory businesses in Northern Ireland including PFC, Graham Corry Cheevers and Square Seven Financial Planning.

Richard Caldwell, managing director of personal banking and small business at Danske Bank, commented: “This has been a good part of our business for many years thanks to the expertise, hard work and customer ethos of our wealth specialists who have been overseeing assets under management of around £500m.

“However, 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.

Stephen Felle, CEO (UK) of Davy, said: “We are delighted to welcome Danske Bank’s discretionary wealth management customers and the associated staff to Davy. Over our 90-year history, Davy has focussed on making a difference that matters to our customers.

“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.”

Davy’s total assets under management across the United Kingdom and Ireland reached over £12bn (€13.56bn).

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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