National advice firm Fairstone has bought Dublin-based Pax Financial, adding €200m (£174.8mn) in assets under management.
Pax Financial has 66 staff and advisers, offering a range of financial services for more than 7,700 clients.
Pax is also behind the brand ‘AskPaul’, which offers jargon-free financial advice to consumers via social media channels.
Fairstone said the service has been a unique player in Ireland, combining insight with an innate understanding of digital trends to serve its target market.
The decision by Fairstone to acquire Pax is a “measure of confidence in the Irish market” and an exciting opportunity for the Irish consumer, according to Pax chief executive Paul Merriman.
He said: “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.”
Merriman will now take on responsibility for Fairstone in Ireland as CEO and said that the proposition appealed as it offers huge potential for the Republic of Ireland, a market which is on the cusp of expected regulatory change and consolidation.
Fairstone CEO Lee Hartley 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.”
He added: “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.”
Earlier this year, Fairstone bought Cumbria-based IFA Financial Concepts, adding more than £135mn to its funds under management.
Prior to that, it marked its 50th acquisition with its purchase of Sidmouth-based East Devon Associates for an undisclosed sum.
In January, Fairstone bought two advice firms, East2west Financial Services in Nairn and Brantwood Financial Planning in Huddersfield, adding £250mn to its Fum.
In November last year, Fairstone bought Northern Ireland-based Fairstone NI, adding Fum in excess of £150mn.
A month prior to that, the group bought Chadney Bulgin, adding Fum in excess of £850mn and bringing an additional 11,000 wealth and mortgage clients into the group.
