Davy Group has acquired a 50% shareholding in financial planning firm Metis Ireland.

Metis was founded in Limerick in 2014 and has €195m in assets under management. The firm, which has offices in Limerick, Clonmel and Dublin, will continue to trade as Metis Ireland and operated as an independently regulated company.

Brian McKiernan, chief executive of Davy Group, said that his firm have been impressed with Metis Ireland’s reputation as a financial planning-led advisory business.

“We are very pleased to support Metis Ireland in its ongoing progress and hope to identify areas of further collaboration as their business continues to expand,” McKiernan added.

Carl Widger, co-founder and CEO of Metis Ireland, said that securing investment from a firm of Davy’s standing and scale is a significant endorsement of the Metis Ireland team. “Although we will continue to operate independently, this investment will allow us to enhance both our client proposition and service delivery capabilities,” he continued.

In Association with

Metis Ireland was co-owned by Widger and Karl Daly -- Davy is reportedly taking over Daly's 50% shareholding. The firm booked a 2017 profit of €30,000 on turnover of €1.2m and had net worth of €246,000, according to its most recent account filings with the CRO.

Davy’s Metis move brings to nine the number of strategic acquisitions or investments the group across the island of Ireland in recent years.

Davy Group provides wealth management, capital markets and financial advisory services. Established in 1926, it employs more than 680 people.

Photo: Carl Widger (left) and Brian McKiernan