Latest news with #GallivanFinancial
Irish Times
a day ago
- Business
- Irish Times
Gallivan Financial acquires two firms as it aims to become €1bn wealth management adviser
Killarney based Gallivan Financial have agreed a deal to acquire two wealth management companies for an undisclosed sum, bringing their assets under management to €650 million. The acquisitions of Dublin's Mount Street Group, which holds €150 million in assets, and Tralee-based Kelly O'Shea Pensions & Financial Services, which has €40 million in assets under management, form part of ongoing expansion plans. Gallivan Financial is seeking to expand to become 'a very significant player in the growing Irish wealth management sector' with further acquisitions planned for the remainder of the year with the aim of reaching €1 billion in assets under management by year end. The company is majority owned by the Gallivan family, which sold Gallivan Murphy Insurance Brokers to private equity-backed US insurance broking group, Assured Partners in 2022. The deal was believed to be worth more than €100 million, with the company going on to conduct a series of acquisitions since. READ MORE Similarly, Gallivan Financial – which was not part of the acquisition – has completed four acquisitions in recent years. It acquired Killarney's Vincent Casey Life & Pensions in 2023, and Limerick-based FJ Hanly & Associates in 2024. 'With several additional deals currently in exclusivity, Gallivan is now on track to surpass €1 billion in AUM [assets under management] by the end of this year,' the company said in a statement. Managing director Fergal Smith said the company sees 'very significant opportunities for consolidation within the sector in the short to medium term.' Marie Ainsworth, the founder of the Mount Street Group, which has more than 500 clients and manages €150 million in assets, said the company had reached a crossroads in further growth. 'Our options came down to either expanding the business, which would require an investment of capital or look to partner with a suitable firm which can provide the resources required.' She said the decision was reached following 'careful consideration'. Kelly O'Shea, which was founded by Aidan Kelly, manages €40 million in client assets for more than 300 clients. Mr Kelly said he will be staying with the company following the acquisition.
Irish Examiner
a day ago
- Business
- Irish Examiner
Killarney's Gallivan Financial enters Dublin market through new acquisition
Killarney wealth management firm Gallivan Financial is to acquire Dublin-based Mount Street Group and Tralee-based Kelly O'Shea Pensions & Financial Services. Financial details of the acquisitions have not been disclosed, but the deal will increase Gallivan Financial's total assets under management (AUM) to more than €650m. With several additional deals currently in exclusivity, Gallivan is now on track to surpass €1bn in AUM by the end of this year. The acquisition of Mount Street brings Gallivan's business into the Dublin market for the first time. It was the company's third major transaction in the past two years. The acquisition of Kelly O'Shea Pensions & Financial Services, which was its fourth deal, strengthens its position in Kerry. In 2023, the firm acquired Vincent Casey Life & Pensions, a Killarney-based broker, adding €80m in AUM. This was followed by the acquisition of Limerick-based financial advisory firm FJ Hanly & Associates in September 2024, contributing an additional €100m. Mount Street Group currently manages more than €150m in assets, while Kelly O'Shea Pensions & Financial Services has €40m in assets under management. Gallivan Financial is majority-owned by the Gallivan family, who previously sold Gallivan Murphy Insurance Brokers (GMIB) to US-based Assured Partners in 2022 in a deal understood to be worth €100m. Gallivan Financial was not part of that transaction. Fergal Smith, Gallivan Financial Managing Director, said they were excited to welcome both firms. "Our integration plan is centred around continuity - clients will continue working with the same trusted advisors, while benefiting from the broader resources, technology, and expertise of our combined teams," he said. "We are continuing to look for further expansion opportunities, as we seek to expand Gallivan Financial into a very significant player in the growing Irish wealth management sector. We are currently in exclusive negotiations with a number of parties and are hopeful of closing further deals before the year-end.' Marie Ainsworth, founder of Mount Street, which has more than 500 clients, said they reached the point where a decision had to be made on how to develop the business further. "Our options came down to either expanding the business, which would require an investment of capital or, to look to partner with a suitable firm which can provide the resources required," she said. "After careful consideration, I decided to initiate a process to merge the business with a partner that shared our values and vision when it comes to how we treat our customers, and our standards of service." Kelly O'Shea Pensions & Financial Services Ltd was founded in 2006 and today, has 320 clients. Founder Aidan Kelly said: "After nearly two decades building a business grounded in trust and personal service, finding the right partner for the next chapter was incredibly important. From the outset, it was clear that Gallivan Financial shared our values and long-term commitment to clients.
