Northern Ireland

Davy Private Clients: Dublin-owned company buys Belfast firm

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Image caption Staff at PFC will move to Davy Private Client's headquarters in Donegall Square

Davy Private Clients, a Dublin-owned wealth manager and financial adviser, is buying the Belfast firm PFC.

It is Davy's second significant deal in Northern Ireland this year having bought Graham Corry Cheevers in May.

Davy said the deal will make it the largest wealth manager in Northern Ireland, with assets under management of £1.25bn and 65 staff.

PFC's directors and staff will move to Davy's new Northern Ireland headquarters in Donegall Square.

PFC has approximately 4,000 clients and £600m of assets under management.

In the last financial year, it made a profit of £208,000 on turnover of £3m.

Spending

It is owned by four of its directors: Stephen Warke, Jonathan McAlpine, Paul Taggart and William Doggart.

Mr Warke said the deal would "serve our clients' needs through our unique strength and depth of resources".

Davy said it is intending to recruit more staff for its UK business in Belfast and London.

It is understood that the two deals done by Davy in Northern Ireland this year have involved the firm spending more than £10m.