Stockbroking firm Davy has announced plans to acquire Prescient Asset Management Holdings.
The investment management company, which currently employs 57 people, was established by AIB in 1966 but was sold by the banking group in 2012.
The acquisition, which would see the transfer of Prescient Ireland’s investment and fund management subsidiaries, is subject to the approval of the Central Bank.
Davy chief executive Tony Garry said they were “very pleased” to have the opportunity to acquire the business, which would help it to “meet the evolving needs of our expanding client base”.
Prescient CEO Herman Steyn said the deal came following a strategic review of its Irish business, which would see it focus on its Irish domiciled qualifier investment and Undertakings for Collective Investment in Transferable Securities funds.
