UK wealth-management firm Fairstone has entered the Irish market with a deal to buy Irish financial planning firm PAX Financial.
Based in Dublin, PAX has 66 staff and advisers and offers a range of financial services for more than 7,700 clients. Today's deal also secures funds under management of €200m for Fairstone.
Headquartered in Newcastle with over 1,000 people across 40 UK-wide locations, Fairstone oversees £13.5 billion in funds under management for over 50,000 wealth clients and 40,000 mortgage clients. "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," he said.
Lee Hartley, CEO of Fairstone, said the company had been looking to expand into the Irish market and in PAX, it has found the perfect partners to deliver this growth.
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