IQ-EQ will acquire Irish domestic financial services business Davy Global Fund Management (DGFM), establishing a full-service funds business in Ireland.
The deal follows IQ-EQ’s launch of a dedicated funds business in Ireland earlier this year, as the country becomes an increasingly important fund domicile in Europe.
The transaction, which is subject to regulatory approval, is expected to complete before the end of this year.
The newly combined Irish business will offer corporate administration, fund administration, fund management and portfolio management services, comprising of 110 employees based in Dublin and Shannon. Following regulatory approval, Tom Berrigan, CEO of DGFM and Paul Giblin, managing director or DGFM will join the IQ-EQ UK & Ireland senior leadership team.
“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,” said Berrigan.
DGFM was formed in 2014 and has grown largely organically, employing 83 people based in Dublin, Luxembourg, London and Chicago. It comprises of two business elements, a Super ManCo with Irish and Luxembourg operations as well as a boutique fund management business focussed on ESG and private equity.
“What first struck us about DGFM was just how culturally similar both of our businesses were. So, when this opportunity presented itself, we recognised it not only as a commercial great fit for our business but a cultural one too,” said John Legrand, managing director, UK & Ireland, IQ-EQ.
“For a people business like IQ-EQ this helped seal the deal! At IQ-EQ, we share DGFM’s passion and drive and believe that together we can be a formidable force in the marketplace. This is the first step of the journey and I am very excited to be taking it with them.”