Davy Global Fund Management, the management company business of Davy Group has bought Novacap Asset Management, a third-party fund management company based in Luxembourg.
As a result of the deal, Novacap has been renamed Davy Global Fund Management Luxembourg.
The enlarged management company business consists of locally regulated management companies in Europe's two largest fund domiciles, Luxembourg and Dublin.
Today's deal marks Davy's 11th acquisition since 2012 and reflects the company's dual strategy of organic growth and acquisitions.
Acquisitions include Bloxham, Prescient, Squareseven, Danske Bank UK's discretionary portfolio management wealth business and, more recently, the Irish business of Sarasin & Partners.
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.
Tom Berrigan, chief executive of Davy Global Fund Management, said the acquisition of Novacap is another important step forward in the growth of its management company 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," he added.
