Neither firm would disclose an amount for the transaction, which is subject to regulatory approval.
The combined firm will have €2 billion assets under management and about 20,000 clients. Dolmen Securities was founded by Paul McGowan and Ronan Reid and bought stockbroking group Butler Briscoe in 1998. It is majority-owned by Munich Re, the world’s largest re-insurance company.
BCP’s asset management, pension, property and wealth management divisions are not part of the agreement. BCP was set up in 1989 and its ownership is spread amongst members of the Cullen family and executives.
After the deal, Dolmen will employ about 100 people with 15 transferring from BCP.
Dolmen joint managing director Mr McGowan said Dolmen had been looking to make an acquisition of this type for some time. “With the recovery in the equity market, now is the perfect time for consolidation. BCP’s stockbroking arm fits perfectly.”
BCP’s executive team remains at BCP Stockbrokers, including general manger John Calvert. Prior to the sale, BCP had €400 million under management.
BCP founder David Cullen said the disposal of the firm’s stockbroking business paved the way for BCP Asset Management to focus on the development of its investment, property and pensions business.