UK advice consolidator acquires Dublin-based Pax Financial

UK advice consolidator Fairstone has purchased Pax Financial, marking the group's entry into the Irish market.

The purchase adds 66 staff and advisers into the group as well as more than 7,700 clients and £200m funds under management (FUM).

Dublin-based Pax Financial also behind the well-established brand ‘AskPaul', which offers financial advice to consumers via social media channels, it said. Pax Financial's CEO Paul Merriman (pictured) will now take on the role for Fairstone in Ireland, according to the firm.

Merriman said that that the Fairstone proposition appealed as it is a proven and highly successful model in the UK which offers huge potential for the Republic of Ireland, a market which is on the cusp of expected regulatory change and consolidation.

Adding: "The decision by Fairstone to acquire PAX is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer.

"Thanks to the hardworking team at PAX, we have spent over a decade developing our business and reach in order to facilitate a move such as this. The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead.

"I would also like to welcome Fairstone into our home and look forward to continuing to work with the PAX team as we deliver on our collective promise to preserve, plan and protect the financial future of our clients."

Chief executive of Fairstone Lee Hartley (pictured) said: "We are delighted to welcome PAX into the Fairstone family. We have been looking to expand into the Irish market and in PAX, we have found the perfect partners to deliver this growth.

"The combination of Fairstone's extensive experience in the UK sector with PAX's management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities.

"We both share the same values around ambition, growth and delivering first class client outcomes and I believe that with Paul, Ian, Conor and the management team at PAX, we have found long-term business partners who will play a key role in the next part of our journey. Together we want to shape the future of financial advice in the Irish market."

In February 2022, Fairstone completed its 50th deal in ten years with the acquisition of Sidmouth-based East Devon Associates (EDA).

It marked the group's third buyout deal in 2022, which added a combined total of £350m of client assets to the Chartered consolidator's books.

Headquartered in Newcastle with more than 1,000 people across 40 UK-wide locations, Fairstone oversees £13.5bn FUM for over 50,000 wealth clients and 40,000 mortgage clients.