Davy has bought a Luxembourg-based fund-servicing firm Novacap Asset Management for an undisclosed sum, marking its 11th acquisition since 2012. The new unit, which has been renamed Davy Global Fund Management Luxembourg, is authorised to provide management company (ManCo) functions for EU-regulated funds known as AIFMs and UCITS and compliments an existing Davy unit in Dublin. “We view the acquisition of Novacap as another important step forward in the growth of our ManCo business. Other acquisitions include parts of failed stockbroking firm Bloxham, Prescient Asset Management, Danske Bank UK’s discretionary portfolio management wealth business and, more recently, the Irish business of UK asset manager Sarasin & Partners. The Davy group employs over 700 staff across its three core divisions of capital Markets, wealth management and global fund management and has offices in Dublin, Belfast, Cork, Galway, Luxembourg, London and Chicago.

Source: The Irish Times December 08, 2020 13:30 UTC