Sarasin & Partners has ditched its Irish operations as the clock ticks down on the Brexit transition period.
The UK-based responsible fund group has sold its Irish business, which represents hundreds of millions in assets, to stockbroker and wealth manager Davy Group.
Sarasin first launched in Dublin in 2008. For regulatory reasons, it would not be able to continue operations in Dublin as a branch of the UK manager after the Brexit transition period draws to a close at the end of December.
The firm told our sister publication Portfolio Adviser the deal with Davy would “ensure continuity of service for its clients in Ireland after the Brexit transition period,” citing Davy’s shared “business philosophy and client focus”.
Clients invested in its Ucits funds will continue to be managed by Sarasin & Partners, while Davy will take over the discretionary fund management services previously provided by Sarasin’s Dublin entity.
Including its Irish business, Sarasin currently has £15.2bn ($20.3bn, €17.1bn) worth of assets under management.
Following the transaction, Sarasin Dublin chief executive Fergus Crawford will move to Davy along with the rest of the Dublin-based team.
The deal marks Davy’s 10th acquisition since 2012. It is one of Ireland’s largest wealth management firms with over £12.5bn in assets.
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