Financial News

Davy Private Clients to acquire Belfast-based Square Seven Financial Planning LLP

By Business & Finance
14 January 2014
Davy and Seven Square

Davy Private Clients (NI), the Northern Ireland-based wealth management and financial planning division of J&E Davy , is pleased to announced that it has agreed to acquire Square Seven Financial Planning LLP.

Established in 2005, Square Seven is a leading provider of independent financial advisory services in Northern Ireland advising private, corporate, trust and pension clients. Its two founding directors David Rea and Sam Curry have over 50 years of combined financial and investment experience and will join Davy’s existing Belfast-based private client team upon completion of the acquisition.

Davy Private Clients opened its Northern Ireland office in Donegall Square, Belfast, in 2007 and has an existing team of 10 professionals servicing the investment and financial planning needs of clients in Ulster. The team also works closely with Independent Financial Advisors (IFAs) who have chosen to outsource their clients’ investment management needs to Davy. The addition of Square Seven to Davy’s current private client business in Northern Ireland increases the depth of expertise and resources available to the combined client base. It also underpins Davy’s position as the leading financial advisory and investment firm on the island of Ireland.

While the Square Seven deal is Davy’s first acquisition in Northern Ireland, it is Davy’s fourth acquisition in under two years following the purchases of the private client and asset management businesses of Bloxham Stockbrokers in May 2012, Prescient Investment Managers (Ireland) Limited (formerly AIB Investment Managers) in November 2013, and investment consultancy iCubed in January 2014. Davy also established a London office in 2010.

Commenting, Tony Garry, chief executive of Davy, said: “In Square Seven Davy is very pleased to have the opportunity to acquire a high quality business, with an accompanying team of experienced financial advisors. We look forward to welcoming Square Seven clients and team to Davy Northern Ireland, and to building on the good relationships that have been established through the years.

“Having invested over £33mn in our investment and operational infrastructure over recent years, we are well positioned to provide enhanced service across our expanding client base. During this period we have added over 100 staff to our offices in Ireland and the UK.”

Stephen Felle, managing director of Davy Private Clients (NI) and a director of Davy, added: “Davy has experienced strong growth from our Northern Ireland business, particularly over the past two years.  Senior appointments at our Belfast office, together with the acquisition of Square Seven firmly establish Davy as a major player in Northern Ireland’s evolving financial services marketplace. During 2013 Davy Private Clients (NI) grew its assets under management by over 20% (excluding market growth). Additionally, our Belfast office was last year awarded the tender for one of the largest public service investment management contracts in Northern Ireland.

“Northern Ireland is a material part of Davy’s overall private client business, and we see it as an area of key strategic growth in the coming years. We will continue to review further potential acquisitions in Northern Ireland such as that offered by Square Seven. Furthermore, the UK-centric investment, operational and regulatory processes we have established in Northern Ireland gives Davy the platform to assess growth opportunities into the wider UK mainland, and to build out our service offering to IFAs in Northern Ireland and Great Britain.”

Directors of Square Seven, David Rea and Sam Curry added: “We are proud of the business we have created in Square Seven over the past eight years and we are extremely appreciative for the support of our clients and staff in this regard. Having conducted a thorough review of our expanding business and client needs, we concluded that it was in the best interests of our clients to strengthen our offering and join with a larger organisation. In selecting Davy we are joining Square Seven with a firm that has the requisite financial and infrastructural resources to meet our clients’ evolving requirements in the years ahead.”