Davy Private Clients UK, the wealth management and financial planning division of the Davy Group, is to acquire Pension & Financial Consultants Limited (PFC), one of Northern Ireland’s leading wealth management firms.

Independently owned by its directors and established 20 years ago, PFC has approximately 4,000 clients and £600m (€850m) of assets under management.

The acquisition of PFC will establish Davy Private Clients as the top wealth manager in Northern Ireland, with assets under management in excess of £1.25 billion (€1.76bn) and over 65 staff. PFC is Davy’s third Northern Irish acquisition in recent years and is expected to be completed in early 2016.

PFC’s directors and staff will move to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast, following the completion of the acquisition. Davy Private Clients is also commencing a recruitment drive that will see the firm hire senior, highly qualified investment and financial planning professionals in Belfast and London.

Commenting on the acquisition, Brian McKiernan, chief executive of Davy Group, said: “We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland.

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“By adding PFC we will integrate a team of directors and staff who are of like mind and ensure that we have the scale and resources in Northern Ireland to meet the evolving needs of our growing client base.”

Stephen Warke, managing director of PFC, added: “We have been highly selective in choosing Davy and believe together we are best placed to serve our clients’ needs through our unique strength and depth of resources across pensions, financial planning, investment and wealth management.”

Davy is headquartered in Dublin, with offices in London, Belfast, Cork and Galway, employing over 610 people.

Pictured with Stephen Felle (centre), chief executive of Davy Privates Clients UK, are (from left), Shauna Ellis and Andrew Campbell, Davy; Jonathan McAlpine, William Doggart and Paul Taggart, PFC; with Stephen Warke, MD of PFC, and Brian Hunter, Davy