IQ-EQ’s acquisition of Davy Global Fund Management, announced last summer, made it over the finish line today when the Central Bank of Ireland gave regulatory approval to the deal.
Effective immediately, Davy Global will operate as IQ-EQ Fund Management (Ireland), a company statement said, and the newly combined business will offer fund and portfolio management services out of its offices in Dublin and Shannon. In particular, the division will help global asset managers establish and operate Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs) in Europe.
“We believe the fully integrated service offering from IQ-EQ, ranging from fund administration to corporate services, combined with our expertise in the provision of AIFM/UCITS oversight and portfolio management services, presents a compelling proposition for asset managers looking to establish fund structures in Ireland,” Tom Berrigan, who is now managing director of the new entity, said in a prepared statement.
IQ-EQ is an international investor services group with $500 billion in assets under management in two dozen jurisdictions, the statement said, adding that IQ-EQ’s growth has been centered around compliance, administration, asset and advisory services to fund managers, multinational companies, family offices and private clients around the world.
According to IQ-EQ regional CEO John Legrand, the merger gives the company new opportunities not just in Ireland but globally. “Together we offer a unique proposition across all three segments of the investor services’ ecosystem—funds and asset managers, private and institutional investors and debt, capital markets and corporates,” he said in the statement.
The deal was backed by Astorg, a global private equity firm with roughly $16 billion in assets under management and experience in healthcare, software, technology, business services and tech-based industrial companies, the release said.