Davy has acquired Bloxham’s asset management business which manages assets exceeding €700m in value.
The deal, together with the acquisition of Bloxham’s private client business, announced last March, adds approximately €1.2bn to the value of assets under management by Davy.
In Ireland Bloxham’s funds are distributed by both Irish Life and New Ireland and these relationships, together with Bloxham’s asset management team, led by Pramit Ghose, will now transition across to Davy.
“Davy is pleased to acquire two profitable and established businesses from Bloxham,” said Tony Garry, chief executive of Davy.
“The transition to Davy is a very positive development for Bloxham’s asset management clients who will continue to be serviced by the same award-winning team, but as part of a much larger and well capitalised business.
“We are also pleased that the acquisition of Bloxham’s private client business – announced in March – has now completed. The client assets currently held by Pershing are scheduled to transfer to Davy on 6 June 2012, which will ensure continuity of service for these clients.”
Financial irregularities were uncovered at Bloxham and it informed the Central Bank of this last week.
The bank imposed directions on Bloxham to cease all regulated activities, with immediate effect.