Davy Global Fund Management (DGFM) is being sold to IQ-EQ.
Financial details were not disclosed and the deal, which is subject to regulatory approvals, is expected to close by the end of 2021.
Under one banner
DGFM, which is part of Irish financial services business Davy Group, comprises two business elements:
- A super ManCo with Irish and Luxembourg operations
- A boutique fund management business focused on ESG
It will rebrand to IQ-EQ following completion.
The combined businesses will offer corporate and fund administration, fund management and portfolio management services.
DGFM’s chief executive, Tom Berrigan, and managing director, Paul Giblin, will join the IQ-EQ UK & Ireland senior leadership team.
Big shake up
The IQ-EQ deal was only one of the M&A announcements made by DGFM on Thursday.
Berrigan commented: “We are pleased to announcement agreements that will see Davy Global Fund Management being acquired by IQ-EQ and our shareholding in Rize ETF being acquired by a separate third party.
“At the same time, Davy has also announced an agreement to sell its wealth management, capital markets and associated businesses to Bank of Ireland.”
He added: “The decision to sell DGFM to IQ-EQ was made as part of a broader sales process focused on finding long-term strategic owners for Davy and its businesses.”
As reported in our sister publication International Adviser, following media speculation, it was confirmed that Martin Gilbert-backed AssetCo has acquired Rize ETF.