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BRIEF-Danske Bank sells Irish wealth management business to Davy Group
July 10, 2017 / 10:21 AM / 5 months ago

BRIEF-Danske Bank sells Irish wealth management business to Davy Group

July 10 (Reuters) - DAVY GROUP

* SAYS ACQUIRES IRISH WEALTH MANAGEMENT BUSINESS FROM DANSKE BANK

* SAYS DEAL INVOLVES THE TRANSFER OF THE MANAGEMENT OF MORE THAN 1,100 DANSKE BANK CUSTOMER INVESTMENT PORTFOLIOS, WHICH ARE CURRENTLY MANAGED BY THE BANK‘S BELFAST-BASED INVESTMENT CENTER

* SAYS THE MANAGEMENT OF THESE INVESTMENT PORTFOLIOS IS SCHEDULED TO MOVE BY THE END OF OCTOBER 2017

* SAYS THERE WILL BE NO ASSOCIATED REDUNDANCIES, WITH TWELVE DANSKE BANK EMPLOYEES IN NORTHERN IRELAND EXPECTED TO JOIN THE DAVY GROUP AS PART OF THE DEAL.

* DANSKE BANK SAYS ASSETS UNDER MANAGEMENT AROUND 570 MILLION EUROS ($649 MILLION) FURTHER COMPANY COVERAGE: ($1 = 0.8783 EUROS) (Reporting by Jacob Gronholt-Pedersen)

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