Posted inM&A

Irish firm buys Luxembourg third-party fund management company

The skyline of Dublin City, Ireland looking east along the quays towards the docklands area

Davy Global Fund Management has acquired Novacap Asset Management for an undisclosed sum.

The third-party fund management company has been rebranded Davy Global Fund Management (DGFM) Luxembourg.

The enlarged ManCo consists of locally-regulated management companies in Luxembourg and Dublin, two of Europe’s largest fund domiciles.

These fund governance businesses have AIFM and Ucits ManCo status in both jurisdictions.

In addition, clients of DGFM Luxembourg now have access to the extensive investment and risk management capabilities of the broader Davy Group.

Dual strategy

Stephen Roberts, chief executive of DGFM Luxembourg, said: “Collectively, the Novacap and DGFM teams provide enhanced scale and capability in Luxembourg.

“This allows us to expand the range of fund governance services that we offer to asset managers wishing to launch and distribute Ucits and alternative funds across Europe.”

Tom Berrigan, chief executive of DGFM, added: “We view the acquisition of Novacap as another important step forward in the growth of our management company services business.”

The deal marks Davy’s 11th acquisition since 2012 and reflects a dual strategy of organic growth and acquisitions.

Acquisitions to date include Bloxham, Prescient, Squareseven, Danske Bank UK’s discretionary portfolio management wealth business and, more recently, the Irish business of Sarasin & Partners LLP.

The Davy Group employs over 700 staff across its three core divisions of capital markets, wealth management and global fund management and has offices in Ireland, Luxembourg, London and Chicago.

Kirsten Hastings

Kirsten is international editor of Expert Investor and International Adviser. She joined Last Word Media in October 2015. Kirsten has a Masters in Financial Journalism from the...

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