The amount and terms of the deal has not been revealed by the firms, although the agreement highlights that the investment team spearheaded by Pramit Ghose, currently managing the Bloxham suite of funds, will transfer to Davy with immediate effect.
Davy said that the investment team, which administers over €700m (£560m) in assets, will remain unchanged and the servicing and distribution of the funds will be carried out by the Shane O’ Neill, head of UK distribution team.
Acquisition of Bloxham Asset Management will enhance its foot print in UK wealth management market as well as enable it to improve its service level delivered by the existing investment team to brokers and intermediaries, claims Davy.
The deal completed under the supervision of Central Bank, after Bloxham highlighted internal finances irregularities, said the firm.
Both firms said that no client funds are involved or at risk due to this transition and the clients will receive improved services by the same team, but as part of a much larger and well capitalized business.
The team remains fully committed to continuing to provide "on the ground" assistance and support to brokers and intermediaries.
The asset management firm’s funds include High Yield, Geared High Yield, Intrinsic Value, Conservative Growth & Income, Defensive High Yield, Global Alpha, Discovery and Midas.
According to acquirer, this deal, along with the acquisition of Bloxham’s private client business, adjoins nearly €1.2bn to the value of assets under management at the firm.
