Davy in multimillion-euro wealth management deal

25 Feb 2008

Financial services firm Davy, which manages over €10bn of client funds, is to deploy a wealth management platform as part of a multimillion-euro deal.

Davy will become the first company in Europe to deploy Odyssey’s WealthManager, which is widely used by a range of blue chip firms in the US and Canada.

Davy has expanded its range of wealth management services in recent years to provide access to global investment opportunities in property, private equity and alternative asset classes.

Davy Private Clients, its wealth management division, has in excess of €10bn of funds under management and now employs 250 people.

Since 2000, Davy has been responsible for 70pc of the funds raised on the Irish Stock Exchange

Davy will also use the WealthManager platform to manage the investment needs of individuals, charities, families, and foundations by creating tailored investment strategies.

Odyssey’s WealthManager was chosen after an extensive search for an application that would deliver these services through a single wealth and relationship management portal.

“As Ireland’s economy has been transformed over the past decade, Davy Private Clients has experienced dramatic growth in demand for wealth management services,” explained Eamonn Doyle, chief operations officer in Davy.

“We see further significant growth in the wealth management arena in Ireland in the coming years and that is why we are now making such a substantial investment in our technology,” Doyle added.

By John Kennedy