Overseas bidders enter fray at Davy

American investment bank Stifel and British wealth manager Tilney Smith & Williamson are vying with Bank of Ireland to acquire Davy Stockbrokers, with a deadline of the end of July set for the selection of a preferred bidder.

Sources say that a consortium of private equity players may have also lodged an initial bid for the firm. Davy was put on the market in March after it was fined €4.1 million by the Central Bank of Ireland. The country’s largest stockbroker was fined after lapses in compliance were uncovered in the purchase of Anglo Irish Bank bonds by company executives.

Established in 1926, the Davy Group is a wealth management and capital markets financial services provider. The firm has over 700 people, managing €14bn+ of client assets, with offices in Dublin, Cork, Galway, Belfast, London and Luxembourg. ​

Source: The Times