A Killarney-based financial planning and wealth management company is to acquire a financial advisory company based in Limerick.
Gallivan Financial has announced that it has reached agreement to acquire Limerick-based FJ Hanly & Associates for an undisclosed sum.
The transaction, which is subject to the customary regulatory approvals, is anticipated to complete within the next few weeks.
Following the acquisition, Gallivan Financial will have 20 staff at its offices in Killarney and Limerick.
Gallivan Financial says this acquisition will increase its overall assets under management to more than €400 million.
The Killarney-based company says it has plans to grow the business to €1 billion under management over the next 18 months through a combination of further acquisitions and organic growth.
Gallivan Financial says it has a growing presence within the Munster region and is planning further acquisitions both within its existing geographic footprint and further afield.
Gallivan Financial is majority owned by the Gallivan family, which sold its Gallivan Murphy Insurance Brokers (GMIB) to the US insurance broking group Assured Partners in 2022; Gallivan Financial was not part of that transaction and is now on a major growth trajectory.
It says FJ Hanly & Associates is a well-respected firm, dedicated to helping its clients do more with their money for over 20 years with more than 700 hundred clients and approximately €100 million in assets under management.
Fergal Smith, Gallivan Financial Managing Director, says the acquisition will enable them to continue to build upon their position as one of the leading wealth management advisory firms in the region. He says it will also significantly enhance their ability to provide a stronger advice model to all clients into the future.
Separately, Gallivan Financial has been expanding its leadership team to position the company for further growth and is has announce two senior additions to the team - Xavier Woodward as chairman and Niall O’Mara as Chief Financial Officer.
Xavier Woodward trained as a Chartered Accountant in the UK, then worked as a Mergers & Acquisitions adviser for 13 years, before spending 12 years at the private equity firm, Livingbridge, latterly as a partner.
Niall O’Mara, a Killarney native, trained as a Chartered Accountant and Chartered Tax Advisor in Dublin. He spent the last 12 years working in VMware Inc (now VMWare by Broadcom) as a Senior Finance Manager.
