Irish wealth manager Davy Group has bought the discretionary portfolio management wealth operations of Danske Bank UK.
Analyze opportunies within the wealth management market in APAC
- The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
- The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
- The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
- The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
- The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The deal, whose financial terms have not been disclosed, will not lead to layoffs, Davy said.
Davy will take over the management of over 1,100 customer investment portfolios of Danske Bank as part of the deal. The transition is expected to occur by the end of October 2017.
Also, Davy Private Clients UK will now become the preferred referral partner for investors with over £150,000.
The deal also involves the transfer of 12 Danske Bank staff to Davy, which currently has a workforce of over 660 and manages £12bn in assets.
Davy CEO Brian McKiernan said: “In common with other recent acquisitions by the Davy Group, this deal reflects an ongoing trend of consolidation and specialisation of wealth management services in favour of providers of scale with the requisite investment in both compliance and investment insight.”
Danske Bank managing director of personal banking and small business Richard Caldwell said: “This has been a good part of our business for many years thanks to the expertise, hard work and customer ethos of our wealth specialists who have been overseeing assets under management of around €570 million (£500 million).
“However, after a strategic review looking at anticipated future costs and regulatory change, it became clear that the best way forward for our customers was to have support in this area from a specialist wealth management company.”
Analyze opportunies within the wealth management market in APAC
- The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
- The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
- The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
- The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
- The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.