Davy Global Fund Management has acquired Novacap Asset Management, which is a third-party fund management company based in Luxembourg. With the new acquisition, Novacap has been renamed Davy Global Fund Management Luxembourg.
The deal marks Davy’s 11th acquisition since 2012 and its points to the asset manager’s robust strategy in organic growth and acquisitions. Its acquisitions include Bloxham, Prescient, Squareseven and Danske Bank UK’s discretionary portfolio management wealth business. More recently, it acquired the Irish business of Sarasin & Partners.
Stephen Roberts, Chief Executive Officer, DGFM Luxembourg, said in a statement, “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.”
Davy Global Fund Management is regulated by the Central Bank of Ireland and is subject to limited regulation in the UK by the Financial Conduct Authority. It comprises more than 700 staff across its core divisions, such as capital markets, wealth management and global fund management.