IQ-EQ to snap up Davy Global Fund Management

IQ-EQ has acquired Davy Global Fund Management, a domestic financial services business in Ireland. Patrick Brusnahan writes

The combination of the two creates an established full services funds business in Ireland. Subject to regulatory approval, the deal is expected to complete by the end of 2021 and Davy Global Fund Management, advised in this deal by Rothschild & Co, will rebrand to IQ-EQ.

Group executive chairman Serge Krancenblum said: “Together IQ-EQ and Davy Global Fund Management represent a compelling combination further enhancing our position as a leading global investor services company with scale in all key jurisdictions making IQ-EQ ideally placed to capture the significant market opportunities available to us by cross selling and up selling to our combined customer base not just in Ireland but globally. This acquisition represents the natural next step for our business in Ireland and the perfect opportunity to firmly establish ourselves as a player of significance in our sector. Welcome DGFM to IQ-EQ!”

Tom Berrigan, chief executive of Davy Global Fund Management, added: “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.”

John Legrand, IQ-EQ managing director, UK & Ireland further commented: “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. 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.”

Formed in 2014, Davy Global Fund Management today employs 83 people. The combined Irish business will hold 110 employees located in Dublin and Shannon.

Also in 2021, IQ-EQ made its first foray into the US private wealth market with the takeover of Concord Trust Company.

South Dakota- headquartered Concord has offices in South Dakota and New Hampshire. It specialises in independent trustee services and related administration and compliance services.

Additionally, the company has proprietary data aggregation and custodial mapping processes that are designed to efficiencies and enhance operations.

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