Danske Bank has announced the sale of part of its wealth management business to Davy Private Clients UK.
Davy has acquired Danske Bank’s discretionary portfolio management wealth business for an undisclosed sum.
The deal involves the transfer of the management of more than 1,100 of the specialist bank’s customer investment portfolios, which are currently managed by the bank’s investment centre.
The management of these investment portfolios is due to move by the end of October 2017.
The deal will also see Danske Bank make Davy its preferred referral partner for private banking customers who seek options to invest over £150,000.
Richard Caldwell, managing director of personal banking and small business at Danske Bank (pictured above), said: “This has been a good part of our business for many years thanks to the expertise, hard work and customer ethos of our wealth specialists who have been overseeing assets under management of around £500m.
“However, after a strategic review looking at anticipated future costs and regulatory charge, it became clear that the best way forward for our customers was to have support in this area from a specialist wealth management company.
“We are delighted to have found Davy, a locally based, leading national wealth business that has a track record of strong delivery for customers.
Stephen Felle, chief executive (UK) at Davy, said: “We are delighted to welcome Danske Bank’s discretionary wealth management customers and the associated staff to Davy.
“Over our 90-year history, Davy has focused on making a difference that matters to our customers.
“The addition of Danske Bank’s business gives us an opportunity to build long-term relationships with a new group of customers.”
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