Davy Global Fund Management (DGFM), the management company business of Irish wealth manager Davy Group, has snapped up Luxembourg-based third-party fund management company Novacap Asset Management.

Financial terms of the transaction were not made public.

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Novacap will now operate as Davy Global Fund Management Luxembourg (DGFM Luxembourg).

The unified ManCo business includes locally regulated management companies in Luxembourg and Dublin and these fund governance businesses will have AIFM and UCITS ManCo status in the two markets.

DGFM CEO Tom Berrigan said: “We view the acquisition of Novacap as another important step forward in the growth of our management company services business.”

The Davy Group has a presence in Ireland, Luxembourg, London and Chicago.

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It has a workforce of more than 700 across its core units of capital markets, wealth management and global fund management.

The latest deal continues the firm’s buying spree, marking its 11th purchase since 2012.

Among its previous acquisitions include the discretionary portfolio management wealth operations of Danske Bank UK, Square Seven Financial Planning, and Bloxham’s private client business.

DGFM Luxembourg CEO Stephen Roberts said: “We are delighted to have completed the acquisition of Novacap, which provides DGFM with an established and regulated ManCo business in Luxembourg.

“Collectively, the Novacap and DGFM teams provide enhanced scale and capability in Luxembourg. This allows us to expand the range of fund governance services that we offer to asset managers wishing to launch and distribute UCITS and alternative funds across Europe.

“We look forward to working closely with the staff and clients of Novacap and partnering with them in their future business growth.”