Dublin-based financial advisory firm Moneycube.ie has acquired corporate pension consultancy Allen Retirement & Finance Ltd (ARF) and private wealth management firm Pension Investment & Property Trustees Ltd (PIPT).
The combined business will have more than €100 million in assets under advice, but ARF and PIPT will continue to operate under their own bands with their existing leadership teams, with Moneycube.ie co-founders Ralph Benson and Feargal McKenna becoming directors of both companies.
Moneycube.ie said it “intends to play a leading role in the consolidation of the pensions and investment advice industry” with the acquisitions, financial details of which have not been disclosed, and it is forecasting turnover of more than €1 million in its first year of combined operation.
“The founders of ARF and PIPT have built two first-rate pensions and investment businesses over more than twenty years,” Benson said. “Moneycube.ie is looking forward to partnering with them so that we can continue to deliver the high-quality advice which their corporate and personal customers expect.”
ARF CEO Declan Allen described the acquisitions as “a hugely positive development for clients” of the three companies and said that Moneycube.ie had committed to support ARF’s growth by “providing access to increased resources, technology and expertise.
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“This will support the business in meeting the evolving needs of our clients as well as expanding the range of services we offer.”
Moneycube.ie was established in 2015 by former EY chartered accountant Benson and AIB banker McKenna, and the three companies will boast a financial advisory team with more than 150 years of professional experience advising both companies and personal investors.
Explaining the rationale for the deals, McKenna added: “We anticipate significant consolidation of the pensions and advice industry in Ireland, driven by changing customer demand, demographics and regulation, and supported by increasing interest from private equity and trade buyers. Moneycube.ie intends to play a leading role in that consolidation.
“We have invested significantly in thought leadership and technology to support the changing environment for investments and pensions in Ireland, and we aim to provide a first-class service to our customers.
“The deal with ARF and PIPT is a strong example of how we can be an ideal partner to support a planned exit for high-quality owner-managed pensions and investment advice businesses.”
Moneycube.ie was advised by Kirwan McKeown James LLP Solicitors and Harnett Accounting on the transaction. The shareholders of ARF and PIPT were advised by Whitaker & Co. Solicitors and Walsh O’Brien Harnett.
Photo (l-r): Ralph Benson, Moneycube.ie; Sean Cassidy, PIPT founder; Feargal McKenna, Moneycube.ie; and Declan Allen, CEO of ARF.
