Davy to acquire Belfast-based Graham Corry Cheevers
Davy Private Clients UK, the Northern Ireland-based wealth management and financial planning division of the Davy Group, announced that it has agreed to acquire Graham Corry Cheevers, a leading financial advisory and investment firm based in Belfast.
Established in 1995, Graham Corry Cheevers provides investment management, stockbroking and financial advisory services in Northern Ireland advising private, corporate, trust and pension clients.
The firm is headed up by its three founding partners Brian Corry, Gavin Graham and Nigel Cheevers and has approximately 2,500 clients with £230m (€315m) assets under management. On completion, which will take place on 1st June 2015, the firm’s partners and experienced team will relocate to Davy’s fast-growing private client business located in Donegall Square, Belfast.
Davy opened its Northern Ireland office in 2007, its London office in 2011, and last year it announced the acquisition of Belfast based Square Seven Financial Planning. In the last number of years staff numbers in Belfast have grown from six to over 30 and assets under management from £120m to more than £640m (€875m).
Commenting, Brian McKiernan, Chief Executive of Davy Group, said:
“Davy is very pleased to acquire a complementary business that is focused on providing high quality investment and financial advice to its clients. Over recent years we have invested heavily in people, systems and infrastructure to meet the evolving needs of clients. This investment has driven strong growth that has seen Davy adding 150 staff to our offices in Ireland and the UK.
Davy very much looks forward to welcoming the Graham Corry Cheevers clients to Davy, and building long-term relationships with them in the coming years.”
Stephen Felle, Chief Executive of Davy Private Clients UK, added:
“Davy is a major player in the Northern Ireland financial services market, offering clients high quality advice and global investment solutions. We see Northern Ireland as an area of key growth for the firm and plan to further consolidate this position in the near term as we assess further strategic acquisitions like Graham Corry Cheevers.
The UK-centric investment and regulatory infrastructure that we have established in Northern Ireland is a platform on which to build our service offering in the United Kingdom”, Felle said.
Commenting, founding partners Brian Corry, Gavin Graham and Nigel Cheevers, said:
“We are proud of the business we have created over the past 20 years and grateful for the support of our clients and staff. Having conducted a thorough review of our current business and the best long term interest of our clients, we felt it was time to join a firm that has the requisite financial and infrastructural resources to meet our clients’ evolving needs in the years ahead.”
Graham Corry Cheevers is Davy’s sixth acquisition in less than four years including the purchase of Bloxham in 2012, Prescient (formerly AIBIM) in 2013, and Square Seven and iCubed in 2014, as well as the recent acquisition of Trusted Advisor Group.