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IQ-EQ buys Irish fund management firm

Ireland's central bank approved the deal to expand the fund administrator’s operations in the country.

Global service provider IQ-EQ completed its acquisition of Davy Global Fund Management (DGFM) after getting regulatory approval from the Central Bank of Ireland.

DGFM will operate as IQ-EQ Fund Management (Ireland) and will offer fund and portfolio management services out of its offices in Dublin and Shannon. The joint Irish business will offer corporate administration, fund administration, fund management and portfolio management services.

It will also help global asset managers establish and operate UCITS and alternative investment funds (AIFs) in Europe, IQ-EQ said in a statement.

The deal, which was announced last year, adds DGFM’s 83 employees – including 68 based in Dublin, 13 in Luxembourg, one person in London and one in Chicago – to IQ-EQ’s more than 4,000 employees across 24 jurisdictions globally. IQ-EQ also employs more than 150 people in its Belfast office.

Tom Berrigan, chief executive of DGFM, is managing director of the new entity. Also joining IQ-EQ’s management team in Ireland are Paul Giblin, managing director of the fund management business in Ireland; Paul O’Shea, chief operating officer; and Joanne McEnteggart, managing director, fund administration and head of corporate services, UK and Ireland.

IQ-EQ said in a statement that it plans to add more employees in Ireland this year.

The $16 billion global PE firm Astorg backed the deal.