The Davy Group has bought Danske Bank UK's discretionary portfolio management wealth business for an undisclosed sum.

The companies said the deal involves the transfer of the management of over 1,100 Danske Bank customer investment portfolios, which are currently managed by the bank's Belfast-based investment centre.  

Under the terms of the deal, there will be no redundancies, with 12 Danske Bank employees in Northern Ireland expected to join the Davy Group.

The agreement also sees Danske Bank make Davy Private Clients UK - part of the Davy Group - its preferred referral partner for private banking customers seeking investment options over a certain level.

The Davy Group has overall assets under management in excess of €14 billion and over 660 staff, including 65 in Northern Ireland. 

Davy's chief executive Brian McKiernan said that in common with other recent acquisitions by the Davy Group, the deal reflects an ongoing trend of consolidation and specialisation of wealth management services in favour of providers of scale with the requisite investment in both compliance and investment insight. 

"We expect this trend to continue and we see continuing opportunities for appropriate bolt on acquisitions. In the meantime, we look forward to welcoming new clients and the former Danske team," Mr McKiernan added.

Today's deal brings to eight the number of acquisitions made by the Davy Group since 2012.

Four of these were in Northern Ireland and include Belfast-based PFC, Graham Corry Cheevers and Square Seven Financial Planning.