Bidding for Davy has topped €475 million, far outstripping estimates of the stockbroking and wealth management firm’s value before it was rocked by a bond-deal scandal, according to sources. Davy has hired Alvarez & Marsal, an international professional services firm, to look forensically at staff trading over the past seven years as part of a review of matters arising from a Central Bank investigation. The outcome of the review is not expected before final bids are submitted in June. However, sources have said that Davy is open to selling its third-party fund services unit separately. Davy was estimated by industry sources to be worth between €350 million and €400 million prior the scandal.

Source: The Irish Times May 19, 2021 04:01 UTC