AIB-owned Goodbody has agreed a deal to buy Belfast’s Legacy Wealth Management in a move that expands the group’s wealth management business into Northern Ireland, where the bank itself has long been a substantial player.
Goodbody’s Dublin rival Davy already has a significant wealth business in Belfast, trading under its own brand.
Legacy Wealth Management has 28 staff and advises on more than £700m (€810m) of client assets. Goodbody itself has around €15.5bn of assets under management, mostly in its wealth arm.
The two firms said the transaction is intended to support the continued development of Legacy Wealth Management, while broadening access to investment and financial planning expertise on an all‑island basis.
The transaction is subject to approval by the UK Financial Conduct Authority.
Goodbody chief executive, Martin Tormey, said the Legacy deal supports his firm’s ambition to be an all‑Ireland wealth management firm, while recognising the importance of local expertise, leadership, and client relationships.
“We are excited to be able to bring the strong investment and financial planning capabilities of Legacy Wealth Management to Goodbody. We will be supporting Keith and the team on accelerating growth in the Northern Ireland market,” he said.
It comes two-and-a-half years after AIB pumped €50m into Goodbody to support future growth, including acquisitions. AIB had bought the business in 2021 for €138m.
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As well as Legacy, Goodbody is also widely tipped to be interested in buying Dublin-based BCP Asset Management, which has around €2.5bn in assets under management and some 30,000 clients.
Keith Liggett, managing director of Legacy Wealth Management, said: “This agreement reflects shared values between both organisations. I look forward to continuing to lead the business and building on our success, while enabling clients to benefit from the strength and capabilities of both Goodbody and the AIB Group.”
The most recent financial results for Goodbody record a more than doubling of profits last year, up 109pc to €16.1m.
That reflects a surge in fees generated from its wealth management business, where a rising tide of personal savings and investments is being boosted by record job numbers in the Irish economy, record household savings, and an ageing, asset-rich and debt-free cohort of affluent investors.
