Investor services provider IQ-EQ said today (3 May) that its acquisition of Irish fund management business Davy Global Fund Management (DGFM) announced in July 2021 had been granted regulatory approval by the Central Bank of Ireland. 

Effective immediately the legacy DGFM business will operate as IQ-EQ Fund Management (Ireland) Limited a fund management company that helps global asset managers to establish and operate UCITS and AIF structures in Europe. 

The newly combined business will offer Fund Management and Portfolio Management services, Fund Administration and Corporate Administration services from its offices in Dublin and Shannon where it employs a team of 130+ people, part of a total employee base of 4,000+ operating across 24 jurisdictions globally. 

IQ-EQ also employs 150+ people in its Belfast office. Thanks to strong business growth IQ-EQ plans to expand its Ireland based workforce in 2022.

Leading the business will be former DGFM chief executive Tom Berrigan, who takes up the role of managing director of IQ-EQ's newly enlarged Ireland business. 

Also joining IQ-EQ's management team in Ireland are Paul Giblin who takes on the role of managing director of the Fund Management business in Ireland and Paul O'Shea who takes on the role of chief operating officer. 

Completing the leadership team is Joanne McEnteggart who takes on the role of managing director, Fund Administration and Head of Corporate Services, UK and Ireland.

Regional CEO, UK, Ireland and Crown Dependencies, John Legrand said: "The coming together of DGFM as part of IQ EQ Group represents a compelling combination with scale in all key jurisdictions making us ideally placed to capture the significant market opportunities available to us not just in Ireland but globally across our growing network. 

"We believe that together we offer a unique proposition across all three segments of the investor services' ecosystem - funds and asset managers, private and institutional investors and debt, capital markets and corporates. We're delighted to welcome the DGFM team into the business and look forward to building a really successful business where we can grow together as one IQ-EQ team."

Tom Berrigan, managing director, IQ EQ Fund Management (Ireland) Limited added: "We are delighted to officially become part of IQ-EQ. Since first announcing the news in July 2021, the reaction from our clients and employees has been overwhelmingly positive. 

"We believe the fully integrated service offering from IQ-EQ, ranging from fund administration to corporate services, combined with our expertise in the provision of AIFM/UCITS Oversight and Portfolio Management services, presents a compelling proposition for asset managers looking to establish fund structures in Ireland. We look forward to integrating our two businesses as quickly as possible and to continue to support our clients' business growth into the future." 

IQ-EQ is backed by Astorg, a global private equity firm with over €15bn of assets under management.