The wealth management and financial planning division of the Davy Group is widening its Irish footprint.

Davy Private Clients UK is to acquire Belfast-based Pension & Financial Consultants, a deal that will make it the top wealth manager in Northern Ireland with £1.25 billion ($1.88 billion) of assets under management, the firm said.

PFC was established 20 years ago and manages around £600 million of assets. The acquisition, details of which were not disclosed, is Davy’s third in Northern Ireland since 2013. During this time, the business's client assets have increased ten-fold.

Earlier this year, Davy Private Clients acquired Belfast-based advisory and investment firm Graham Corry Cheevers.

The latest acquisition, which is subject to regulatory approval, is expected to complete in early 2016. PFC’s directors and staff will then move to Davy’s new Belfast headquarters.

Davy Private Clients is also kick-starting a recruitment drive for senior investment and financial planning professionals in Belfast and London, it said.

“We have identified a growing need for high quality and increasingly sophisticated financial advice and wealth management in Northern Ireland. Davy has invested heavily to ensure that we are in a position to make a difference to our clients through the quality of our people and our advice,” said Brian McKiernan, chief executive of Davy Group.  

“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.”