Davy buys Luxembourg fund-servicing firm

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. We believe that clients of Novacap can be reassured by our financial strength, significant resources and the fact that we are part of the Davy Group, one of Ireland's largest domestic financial services businesses," said Tom Berrigan, chief executive of Davy Global Fund Management.

The deal is Davy's 11th since 2012. 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.

Bank of Ireland apologises to 47,000 customers over restructured loan reporting

---

Irish funds industry to be worth €5.3 trillion by 2025

---

AIB: ‘Near-term outlook more clouded than medium-term’

---

Irish banker was tapped to head Deutsche Bank board

---

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.

Rival Goodbody Stockbrokers is currently subject to talks to be taken over by its former owner AIB.