Fund services group IQ-EQ has announced the acquisition of Davy Global Fund Management (DGFM), part of Davy Group.
Davy Group is one of Ireland’s largest domestic financial services businesses servicing a domestic and international client base from its offices in Dublin, London and Luxembourg.
According to the firm, the combination of IQ-EQ and DGFM is hoped to create a full service funds business in Ireland with a proven track record and prominent market position.
The transaction, which is subject to regulatory approval, is expected to complete by the end of 2021 following which DGFM will rebrand to IQ-EQ.
Formed in 2014 DGFM and today employs 83 people – 68 based in Dublin, 13 in Luxembourg, 1 in London and 1 in Chicago. The firm specialises in real estate ManCo services in Ireland with a expertise in the Private Equity space.
The newly combined Irish business, which will offer corporate administration, fund administration, fund management and portfolio management services, will comprise 110 employees located in Dublin and Shannon. Following receipt of regulatory approval, Tom Berrigan, DGFM Chief Executive Officer and Paul Giblin, DGFM managing director will join the IQ-EQ UK & Ireland senior leadership team.
Mr Berrigan said in a statement: “All of us at DGFM are delighted to be joining forces with IQ-EQ with whom we share similar attitudes in terms of the importance we place on our people and the service levels experienced by our clients. Being part of a truly global service provider will both enhance our client service offering while affording our people the opportunity to continue to develop their careers and broader expertise.”