Wealth management firm Gallivan Financial, is to acquire Dublin-based Mount Street Group and Tralee-based Kelly O’Shea Pensions & Financial Services for an undisclosed sum.

These acquisitions will increase the Killarney-based firm's total assets under management (AUM) to more than €650m.

The company said they are on track to surpass €1bn in AUM by the end of this year.

The acquisition of Mount Street Group brings Gallivan’s wealth management business into the Dublin market for the first time.

It was Gallivan Financial’s third major transaction in the past two years.

The acquisition of Kelly O’Shea Pensions & Financial Services, which was its fourth deal, strengthens Gallivan Financial’s position in Kerry and further enhances its plans for significant growth in the Irish market.

Mount Street Group currently manages more than €150m in assets, while Kelly O’Shea Pensions & Financial Services has €40m in assets under management. 

Fergal Smith, Gallivan Financial Managing Director, said: “We’re excited to welcome the Mount Street and Kelly O’Shea teams to Gallivan Financial. From the outset, it was clear that our shared values and commitment to client-focused advice were strongly aligned. 

"Our integration plan is centred around continuity - clients will continue working with the same trusted advisors, while benefiting from the broader resources, technology, and expertise of our combined teams. 

"These partnerships strengthen Gallivan Financial’s national footprint while also preserving the personalised service that all three firms are known for with their clients.” 

Gallivan Financial is majority-owned by the Gallivan family, who previously sold Gallivan Murphy Insurance Brokers (GMIB) to U.S.-based Assured Partners in 2022.

Gallivan Financial was not part of that transaction and has now embarked on a significant growth trajectory.

Gallivan Financial has made four acquisitions since May 2023 and has other deals in the pipeline.

“We see very significant opportunities for consolidation within the sector in the short to medium term,” Mr Smith said.

“We are continuing to look for further expansion opportunities, as we seek to expand Gallivan Financial into a very significant player in the growing Irish wealth management sector.

"We are currently in exclusive negotiations with a number of parties and are hopeful of closing further deals before the year-end.”