The UK Buyers Snapping Up Irish Wealth Managers
- On February 1, 2023
- By GrowthInvest Marketing
UK wealth managers have been sharpening their focus on Ireland, with Brewin Dolphin leading the way in 2019 when it paid €44m to acquire Investec’s wealth management business. In September, Brewin Dolphin was subsumed into Royal Bank of Canada in a £1.6bn deal that created one of the largest wealth managers in the UK, Ireland and Channel Islands, with £58bn assets under management.
Kingswood Holdings, a plc quoted on the AIM stock market in London, made its play for a share of the Irish wealth market opportunity with the October 2022 acquisition of Moloney Investments, the D4 financial adviser trading as MMPI. Kingswood agreed to pay €25.8m to acquire 70% of MMPI, formerly known as Moloney Mortgages Pensions and Investments.
MMPI provides financial planning, general and protection insurance, as well as investments, pensions, and mortgage advice, principally to high net worth individuals. MMPI employs 54 people, including 18 advisors, and was established in 1993. Turnover in 2021 was €2.8m, made up of investment product commission (59%) and bespoke investments (41%). Gross profit was €1.2m, and Kingswood said that on a pro forma basis MMPI had EBITDA of €4m in the year to April 2022, and c.€700m assets under advice.
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