DUBLIN-BASED investment advisory firm GillenMarkets has been acquired by the Irish subsidiary of leading British wealth management company, Quilter Cheviot.
Quilter Cheviot Europe Limited (QCE), itself based in the Irish capital, see the new acquisition as a 'fantastic fit' for the company.
Meanwhile, GillenMarkets founder Rory Gillen, who will join QCE as part of the acquisition, said the move was a great opportunity for his clients.
Set up 15 years ago, GillenMarkets provides advice for personal, pension and corporate clients and currently advises over €0.6bn of assets for around 500 families.
As well as offering wealth management services, it publishes a monthly newsletter with impartial research and analysis that allows people to make informed investment decisions.
It also runs two training courses and regular webinars to provide investors with the tools and knowledge need to help achieve their financial goals.
Mr Gillen welcomed the deal, saying both companies shared a similar outlook.
"Quilter Cheviot has an excellent reputation in the market and due to our similar investment and client-focused philosophies, becoming part of a larger business with such investment resources, heritage and prestige feels like a great opportunity for both our clients and colleagues," said Mr Gillen.
"Having built our business up over the last 15 years, we look forward to this next chapter as part of Quilter Cheviot, which is itself at an exciting juncture in its growth plans."
As well as the firm's founder, five investment advisers and their support team will also join QCE's Dublin-based operation.
'Admired for many years'
Quilter Cheviot has a history dating back more than 250 years, when 150 stockbrokers formed a club at Jonathan's Coffee House, the original site of the London Stock Exchange.
Offering discretionary investment management services, the company caters for private clients, charities, trustees and professional partners.
The Dublin office was established in 2003 and six years ago was authorised and established as Quilter Cheviot Europe to serve clients across the EU.
The new acquisition will help expand QCE's presence in Ireland and evolve its integrated investment management and financial planning offering for clients all across Europe.
"GillenMarkets is a business that we have known and admired for many years and represents a fantastic fit for QCE," said Andrew Fahy, Chief Executive of QCE.
"We are very excited to welcome Rory Gillen and all our new colleagues and clients to our thriving business.
"GillenMarkets has seen tremendous growth over the last number of years and we are really looking forward to working to support our new clients and their families.
"The transaction is really positive news for all concerned.
"This acquisition will really help to build on QCE's scale and reach in the Irish market.
"Our ambition is to be the wealth manager of choice in Ireland and this is another milestone on that journey."
