IoD NI News IQ-EQ completes Davy acquisition
INVESTOR services provider IQ-EQ, which employs more than 150 staff at Forsyth House in Belfast, has competed the acquisition of Irish fund management business Davy Global Fund Management (DGFM) following regulatory approval from the Central Bank of Ireland.
The strategic combination of the two creates an established full-service funds business in Ireland with a proven track record and prominent market position.
IQ-EQ provides a comprehensive range of compliance, administration, asset and advisory services to clients operating worldwide. It also helps global investors focus on investing and preserving capital in a sustainable and compliant manner.
Tom Berrigan, former DGFM chief executive, will be managing director of the newly enlarged business.
With immediate effect, the legacy DGFM business will operate as IQ-EQ Fund Management (Ireland) Ltd, a fund management company that helps global asset managers to establish and operate funds across Europe.
IQ-EQ has a total payroll of 4,000-plus operating across 24 jurisdictions while DGFM employs 83 people, mostly in in Dublin, but also in Luxembourg, London and Chicago.
John Legrand, IQ-EQ’s London-based regional chief executive of the UK, Ireland and Crown Dependencies, said: “This coming together represents a compelling combination with scale in all key jurisdictions making us ideally placed to capture the significant market opportunities available to us not just in Ireland but globally across our growing network.
“We believe that together we offer a unique proposition across all three segments of the investor services’ ecosystem – funds and asset managers, private and institutional investors and debt, capital markets and corporates.
“We’re delighted to welcome the DGFM team into the business and look forward to building a really successful business where we can grow together as one IQ-EQ team.”
Tom Berrigan, managing director of the new operation, added: “We’re delighted to officially become part of IQ-EQ, and since first announcing the news, the reaction from our clients and employees has been overwhelmingly positive.
“We believe the fully integrated service offering from IQ-EQ, ranging from fund administration to corporate services, presents a compelling proposition for asset managers looking to establish fund structures in Ireland.”