Davy Group, an Ireland-based financial services firm, has agreed to acquire Prescient Asset Management Holdings (Ireland).

Prescient Ireland, which was formerly AIB Investment Managers, has around €2 billion assets under management (AuM). AIB was sold to South African-listed financial group Prescient last year for €6.5 million.

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Prescient Ireland currently manages assets on behalf of private, charity, corporate, not-for-profit and pension clients.

Tony Garry, CEO of Davy, said: "Davy is very pleased, as an Irish firm, to have the opportunity to acquire a quality business that has been servicing the investment needs of clients since 1966.

"We have also recruited over 100 new staff across the business in response to year-on-year growth and the launch of Davy Select, Ireland’s first online pension and investment platform.

"These resources will benefit our clients and position Davy for further growth, both organically and through strategic acquisition. We will continue to assess potential acquisition opportunities in Ireland and the UK," Garry added.

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Herman Steyn, CEO of Prescient, said: "Having completed a strategic review of our businesses in Ireland Prescient has decided to concentrate and build on our Irish domiciled QIF and UCITS funds and on fund administration through our subsidiary Stadia Fund Managers.

"Part of the transaction with Davy is that we will continue to provide Davy with Fund Administration services for certain CIS portfolios. In Davy, we have chosen a firm that has the requisite financial and infrastructural resources to meet clients’ evolving needs in the years ahead," Steyn said.

The transaction is subject to Central Bank of Ireland approval.