The acquisition of Belfast’s Legacy Wealth Management business by Dublin-based and AIB-owned wealth manager Goodbody has been formally completed following approval by the UK Financial Conduct Authority (FCA).
The move – which marks another important step in executing the broader AIB Group strategy to expand its wealth management business through targeted acquisitions – was first mooted at the start of the summer.
The Legacy office at Chichester Street in in Belfast, which employs 28 staff, advises on more than £680 million of client assets.
It has built a strong market position in Northern Ireland, supported by long-standing client relationships and a financial-planning-led advice model.
The completion of the transaction supports the continued development of Legacy Wealth Management, while broadening access to investment and financial planning expertise on an all-island basis.
Its founder and managing director Keith Liggett said: “Legacy Wealth Management has grown by focusing on clients, people and long-term financial planning.
“The completion of this transaction reflects the shared values and complementary strengths of both organisations.
“I look forward to continuing to lead the business and building on our success, while enabling clients to benefit from the combined capabilities of Legacy Wealth Management, Goodbody and the AIB Group.”
Martin Tormey, chief executive of Goodbody, added: “This acquisition supports our ambition to be an all-Ireland wealth management firm, while recognising the importance of local expertise, leadership and client relationships.
“It further strengthens our ability to deliver exceptional wealth management and financial planning services to clients across the island of Ireland.”