Irish wealth manager Davy Group has bought the discretionary portfolio management wealth operations of Danske Bank UK.

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.”

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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.”