Irish Davy Group acquires Prescient for EUR2 billion

By VCPOST Staff Reporter

Nov 16, 2013 09:23 AM EST

Irish Davy Group has agreed to acquire Prescient Asset Management Holdings Ltd. for EUR2 billion, Irish Independent said in a report. 

Investment firm Prescient  Ireland, which was formerly AIB Investment Managers, has around EUR2 billion assets under management. AIB was sold to South African-listed financial group Prescient last year for EUR6.5 million. 

As a result of the merger, Irish League of Credit Union's (ILCU) EUR150 million pension fund will also be returned to Davy, the report said. Davy currently has 100 of Ireland's top credit unions, managing about EUR1.5 billion in pension assets. 

The sale, however, is still subject to the approval of the Central Bank of Ireland, Irish Independent said. 

The Prescient buyout is Davy's second blow against rival stockbrokers. Last year, Ireland's largest stockbroker also bought a stake in Bloxham Stockbrokers, according to the report.
Allegedly, Davy is also in talks to buy its EUR140 million in Anglo loans from KPMG, Irish Independent said.  

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