UK wealth-management firm Fairstone has entered the Irish market with a deal to buy Irish financial planning firm PAX Financial for an undisclosed sum.
Based in Dublin, PAX has 66 staff and advisers and offers a range of financial services for more than 7,700 clients. Today's deal also secures funds under management of €200m for Fairstone.
PAX is also behind the popular "Askpaul" brand, which offers jargon-free financial advice to consumers via social media channels.
Headquartered in Newcastle with over 1,000 people across 40 UK-wide locations, Fairstone oversees £13.5 billion in funds under management for over 50,000 wealth clients and 40,000 mortgage clients.
Earlier this year Fairstone celebrated three major milestones - it secured its 50th acquisition, notched up 10 years of M&A activity and exceeded £100m of revenues.
PAX CEO Paul Merriman will now take on responsibility for Fairstone in Ireland as CEO.
"The Fairstone proposition appealed as it is a proven and highly successful model in the UK which offers huge potential for the Republic of Ireland," Mr Merriman said.
"The decision by Fairstone to acquire PAX is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer," he said.
"Thanks to the hardworking team at PAX, we have spent over a decade developing our business and reach in order to facilitate a move such as this. The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead," he added.
Lee Hartley, CEO of Fairstone, said the company had been looking to expand into the Irish market and in PAX, it has found the perfect partners to deliver this growth.
"The combination of Fairstone's extensive experience in the UK sector with PAX's management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities," Mr Hartley said.
"We both share the same values around ambition, growth and delivering first class client outcomes. Together we want to shape the future of financial advice in the Irish market," he added.
