Davy acquires Danske Bank's £500m wealth management business

Costs and regulatory changes force sale

Davy Private Clients UK has acquired the discretionary portfolio management wealth business of Danske Bank.

The deal will see the transfer of management of more than 1,100 customer investment portfolios by the end of October 2017.  Managing director of personal banking and small business at Danske Bank Richard Caldwell said the sale agreement took place after a "strategic review looking at anticipated future costs and regulatory change". "It became clear the best way forward for our customers was to have support in this area from a specialist wealth management company," he said. "Moving forward Danske Bank will continue to invest in and grow its core personal and business banking operati...