Year-end update image of a cyan background


An end of year message from Bernard Byrne


Bernard Byrne
Interim CEO of Davy

As we approach the end of 2021, I would like to provide a short update on what has been an eventful, and challenging, year for Davy and to thank all of our stakeholders for their incredible support during the year.

We enter 2022 on a very solid footing with the exciting prospect (subject to regulatory approvals) of new, long-term strategic owners, a development that I believe will be uniformly positive for our clients and for our people.

In the interim, the Davy team will continue, as it has throughout 2021, to work tirelessly to deliver for and support our clients.

On behalf of everyone at Davy I would like to wish you and yours a very happy, safe and peaceful Christmas and New Year.

Sale-related Questions and Answers

Davy sale announcements

J & E Davy announced three agreements that will see Davy businesses being acquired by long-term strategic owners, presenting significant opportunities for our clients and our people.

Agreement was reached to sell Davy’s Wealth Management, Capital Markets and associated businesses to Bank of Ireland Group (the “Bank of Ireland Transaction”), for a total enterprise value of €440 million, in addition to cash and working capital adjustments at transaction close. The Bank of Ireland Transaction received regulatory clearance from the Competition and Consumer Protection Commission on 6th December 2021, marking an important milestone towards transaction completion.

These agreements have been endorsed by the J & E Davy Holdings Board as being in the best interests of all stakeholders and follow a decision on 11th March 2021 to pursue a sale of Davy.

On completion, J & E Davy operations (excluding Davy Global Fund Management (DGFM) and Rize ETF) will become part of Bank of Ireland Group. Davy will join Bank of Ireland Group, retaining the Davy brand and structure.

Subject to regulatory approvals and customary conditions, the Bank of Ireland Transaction is expected to close in 2022.

The agreement with Bank of Ireland is intended to build on Davy’s leadership position in Wealth Management and Capital Markets, to extend Davy’s services to Bank of Ireland customers, and to provide an enhanced range of services to Davy’s existing clients. It will also see Davy benefit from Bank of Ireland’s scale and resources to facilitate sustainable growth. In addition, we see a continuation of the Davy brand and structure, under the Bank of Ireland umbrella.

Davy has entered into a separate agreement to sell Davy Global Fund Management (DGFM) to IQ-EQ, for an undisclosed sum. Subject to regulatory approvals the DGFM Transaction is expected to close in advance of the Bank of Ireland Transaction. There are currently 80 people working in the DGFM team.

AssetCo has also acquired Davy Group’s shareholding in the UK based Rize ETF for £16.5m (approximately €19 million).


Service continuity

Yes. We will continue to operate under the Davy brand and there will be no changes to your service relationship.

Yes, you will continue to work with the same team in Davy. There is no change to your usual point of contact.

Yes, you will continue to work with the same team in Davy. There is no change to your usual point of contact.

We will retain our presence in Dawson Street and our regional offices in Cork, Galway, Belfast and London.

We are pleased that Bank of Ireland has chosen to retain the Davy brand, reflecting its support for our growth agenda and vision for the business.

No. We anticipate little or no disruption as part of the integration process and do not expect that you will need to take any action as a result of the sale.

We will keep our clients and people updated throughout the finalisation of the sale. Your client Adviser will be in regular contact with you and we will keep our website up to date with the most recent information as it becomes available.

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We understand that you may have further questions.

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