Investor services provider IQ-EQ has acquired Irish fund management business Davy Global Fund Management (DGFM).
Effective immediately, DGFM business will operate as IQ-EQ Fund Management (Ireland) and will aim to establish and operate UCITS and AIF structures in Europe.
The combined business will offer fund management and portfolio management services, fund administration, and corporate administration services from its offices in Dublin and Shannon where it employs a team of over 130 people. IQ-EQ also employs over 150 people in its Belfast office, as well as over 4,000 employees operating across 24 jurisdictions globally.
IQ-EQ aims to expand its Ireland based workforce this year.
Former DGFM executive director Tom Berrigan will lead the business, taking up the role of managing director of IQ-EQ’s newly enlarged Ireland business.
Also joining IQ-EQ’s management team in Ireland are Paul Giblin who takes on the role of managing director of the fund management business in Ireland and Paul O’Shea who takes on the role of chief operating officer.
Completing the leadership team is Joanne McEnteggart who takes on the role of managing director of fund administration and head of corporate services in the UK and Ireland.
Regional chief executive of the UK, Ireland and Crown Dependencies, John Legrand, said:: “The coming together of DGFM as part of IQ-EQ group represents a compelling combination with scale in all key jurisdictions making us ideally placed to capture the significant market opportunities available to us not just in Ireland but globally across our growing network.
“We believe that together we offer a unique proposition across all three segments of the investor services’ ecosystem – funds and asset managers, private and institutional investors and debt, capital markets and corporates. We’re delighted to welcome the DGFM team into the business and look forward to building a really successful business where we can grow together as one IQ-EQ team.”
Mr Berrigan added: “Since first announcing the news in July 2021, the reaction from our clients and employees has been overwhelmingly positive. We believe the fully integrated service offering from IQ-EQ, ranging from fund administration to corporate services, combined with our expertise in the provision of AIFM/UCITS Oversight and Portfolio Management services, presents a compelling proposition for asset managers looking to establish fund structures in Ireland.
“We look forward to integrating our two businesses as quickly as possible and to continue to support our clients’ business growth into the future.”
IQ-EQ appointed its new head of legal for the UK, Ireland and Crown Dependencies in February. Rebecca Brown will aim to support the integration of the Davy Global Fund Management business post completion. She will advise on changing regulations and providing legal support across the funds and private wealth segments, according to IQ-EQ’s group general counsel, Christopher Marsden.
IQ-EQ currently has assets under administration (AUA) exceeding US$500 billion.
