Fairstone, a UK wealth manager, has acquired Pax Financial, marking its entry to the Irish market.

Based in Sandyford in Dublin, Pax has 66 staff and advisers, offering a range of financial services for c.7,700 clients. Funds under management are c.€200m, according to Fairstone.

Pax Financial, led by Paul Merriman, is behind the ‘askpaul’ service which offers jargon-free financial advice to consumers via social media channels.

Merriman, who will now take on responsibility for Fairstone in Ireland as CEO, commented: “The Fairstone proposition appealed as it is a proven and highly successful model in the UK which offers huge potential for the Republic of Ireland.

“The decision by Fairstone to acquire Pax is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer.

In Association with

“We have spent over a decade developing our business and reach in order to facilitate a move such as this. The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead.

Headquartered in Newcastle and with c.1,000 staff people across 40 UK-wide locations, Fairstone oversees £13.5bn funds under management for c.50,000 wealth clients and 40,000 mortgage clients.

Earlier this year Fairstone celebrated three milestones – securing its 50th acquisition, notching up 10 years of M&A activity and exceeding £100m of revenue.

Lee Hartley, CEO of Fairstone, said: “We have been looking to expand into the Irish market and in Pax we have found the perfect partners to deliver this growth.

“We both share the same values around ambition, growth and delivering first class client outcomes and I believe that with Paul, Ian, Conor, and the management team at Pax, we have found long-term business partners who will play a key role in the next part of our journey. Together we want to shape the future of financial advice in the Irish market.”

Image: Fairstone CEO Lee Hartley and PAX CEO Paul Merriman