Further consolidation in the specialist fund administration and ‘ManCo’ market was seen with IQ-EQ’s acquisition of Davy Global Fund Management (DGFM).
DGFM is part of Davy Group, one of Ireland’s largest financial services businesses, and it operates a ‘super ManCo’ with Irish and Luxembourg operations.
IQ-EQ said the combination of IQ-EQ and DGFM, which is subject to regulatory approval, will create an “established full-service funds business in Ireland with a proven track record and prominent market position”.
No financial details were disclosed in the announcement, which was made last week, and the transaction is expected to complete by the end of 2021. After the deal closes, DGFM will rebrand to IQ-EQ.
DGFM employs 83 people including 68 based in Dublin and 13 in Luxembourg. The firm provides real estate ManCo services in Ireland and has “a leading position in the private equity space” according to IQ-EQ.
The combined Irish business will offer corporate administration, fund administration, fund management and portfolio management services.
Davy Group was rocked earlier this year by a €4.1 million fine of J&E Davy by the Central Bank of Ireland that related to a 2014 bond trading deal in the group’s brokerage business.
