Davy buys Danske clients in North

Davy has further expanded its wealth management business in the North by acquiring part of Danske Bank’s wealth unit for a sum believed to be between £5m (€5.65m) and £10m.

It marks the rapid expansion of Davy in both Dublin and Belfast beyond its traditional focus on Irish stock and bond market trading, although its role as promoter to the Government in the AIB shares sale shows equity sales remains a profitable area.

In the North, it previously bought wealth management firms Square Seven Financial Planning in 2014, and subsequently purchased Graham Corry Cheevers, which had £230m in assets under management and 2,500 customers. Last year, it acquired over £600m in assets when it bought pensions advisory firm PFC in Belfast and its 4,000 customers.