Astorg backed IQ-EQ completes the acquisition of Davy Global Fund Management
The strategic combination of IQ-EQ and Davy Global Fund Management creates an established full-service funds business in Ireland with a proven track record and prominent market position.
LUXEMBOURG – 3 MAY 2022 – Leading investor services provider IQ-EQ is delighted to announce that the acquisition of Irish fund management business Davy Global Fund Management (“DGFM”) announced in July 2021 has been granted regulatory approval by the Central Bank of Ireland. Effective immediately the legacy DGFM business will operate as IQ-EQ Fund Management (Ireland) Limited a fund management company that helps global asset managers to establish and operate UCITS and AIF structures in Europe.
The newly combined business will offer Fund Management and Portfolio Management services, Fund Administration and Corporate Administration services from its offices in Dublin and Shannon where it employs a team of 130+ people, part of a total employee base of 4,000+ operating across 24 jurisdiction globally. IQ-EQ also employs 150+ people in its Belfast office. Thanks to strong business growth IQ-EQ plans to expand its Ireland based workforce in 2022.
Leading the business will be former DGFM Chief Executive Officer, Tom Berrigan, who takes up the role of Managing Director of IQ-EQ’s newly enlarged Ireland business. Also joining IQ-EQ’s management team in Ireland are Paul Giblin who takes on the role of Managing Director of the Fund Management business in Ireland and Paul O’Shea who takes on the role of Chief Operating Officer. Completing the leadership team is Joanne McEnteggart who takes on the role of Managing Director, Fund Administration and Head of Corporate Services, UK and Ireland.
Announcing the completion, Regional CEO, UK, Ireland and Crown Dependencies, John Legrand commented:
“The coming together of DGFM as part of IQ EQ Group represents a compelling combination with scale in all key jurisdictions making us ideally placed to capture the significant market opportunities available to us not just in Ireland but globally across our growing network. We believe that 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. We’re delighted to welcome the DGFM team into the business and look forward to building a really successful business where we can grow together as one IQ-EQ team.”
Tom Berrigan, Managing Director, IQ EQ Fund Management (Ireland) Limited added:
“We are delighted to officially become part of IQ-EQ. Since first announcing the news in July 2021, the reaction from our clients and employees has been overwhelmingly positive. 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. We look forward to integrating our two businesses as quickly as possible and to continue to support our clients’ business growth into the future.”
Astorg is a global private equity firm with over €15 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the U.S., providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg.
IQ-EQ is a leading investor services group that brings together a rare combination of global technical expertise and deep understanding of client needs. We have the know-how and the ‘know you’ to provide a comprehensive range of compliance, administration, asset and advisory services to fund managers, multinational companies, family offices and private clients operating worldwide.
IQ-EQ employs a global workforce of 4,000+ people located in 24 jurisdictions and has assets under administration (AUA) exceeding US$500 billion. IQ-EQ works with 11 of the top 15 global private equity firms.
To find out more about IQ-EQ visit www.iqeq.com