Ireland-based Goodbody Stockbrokers has acquired the private wealth management unit of accountancy firm BDO.
Under the terms of the deal, managing director at BDO Private Wealth Management, Michelle O’Keefe and members of her team will move to Goodbody, reported Irish Independent newspaper.
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BDO’s private wealth team currently employs 12 staff and provides services ranging from investment advice to pensions structuring.
In addition, the sale will see BDO’s private wealth unit joining Goodbody’s 270-strong investment team, which now manages 6 billion in funds under management.
The acquisition comes as BDO aims to focus on its core business, audit, tax and advisory services. BDO has 400 staff across Dublin, Limerick and Belfast.
The newspaper reported that global firms such as Merrill Lynch or Goldman Sachs could also acquire an Irish broking firm.
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