Davy Group has acquired a Luxembourg-based fund management company, giving the stockbroker a major presence in Europe's two biggest fund domiciles. The purchase of Novacap Asset Management, a specialist fund services provider, brings Davy Global Fund Management (DGFM) into a competitor jurisdiction and creates an enlarged management company with wider capabilities. Read MoreThe acquisition is the latest in a spate of activity for Davy Group following many years of bolt-on acquisitions – mainly to grow its wealth management business. Investec's wealth management business was sold to Brewin Dolphin Ireland last year in one such consolidation deal. Earlier this week, PwC published a research report projecting that Ireland's asset and wealth management industry would double in size over the next five years.

Source: Irish Independent December 08, 2020 16:18 UTC