Davy Private Clients, a wealth manager based in Northern Ireland, has agreed to purchase Belfast-based financial adviser Pension & Financial Consultants (PFC) for an undisclosed sum.
PFC has 4,000 clients and £600m of assets under management.
The transaction, which is subject to approval from the Financial Conduct Authority, is scheduled to complete in early 2016. This is Davy’s third Northern Irish acquisition since 2013.
The acquisition of PFC will bring Davy’s assets under management in Northern Ireland to £1.25bn with more than 65 staff.
Upon completion of the deal, PFC’s directors and staff will relocate to Davy’s new Northern Ireland headquarters in Donegall Square North, Belfast.
Davy Private Clients is also planning a recruitment drive under which it will recruit senior, highly qualified investment and financial planning professionals in Belfast and London.
Davy Group CEO Brian McKiernan said: "We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland.
"By adding PFC we will integrate a team of directors and staff who are of like mind and ensure that we have the scale and resources in Northern Ireland to meet the evolving needs of our growing client base."