Killarney based Gallivan Financial have agreed a deal to acquire two wealth management companies for an undisclosed sum, bringing their assets under management to €650 million.
The acquisitions of Dublin’s Mount Street Group, which holds €150 million in assets, and Tralee-based Kelly O’Shea Pensions & Financial Services, which has €40 million in assets under management, form part of ongoing expansion plans.
Gallivan Financial is seeking to expand to become “a very significant player in the growing Irish wealth management sector” with further acquisitions planned for the remainder of the year with the aim of reaching €1 billion in assets under management by year end.
The company is majority owned by the Gallivan family, which sold Gallivan Murphy Insurance Brokers to private equity-backed US insurance broking group, Assured Partners in 2022. The deal was believed to be worth more than €100 million, with the company going on to conduct a series of acquisitions since.
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Similarly, Gallivan Financial – which was not part of the acquisition – has completed four acquisitions in recent years. It acquired Killarney’s Vincent Casey Life & Pensions in 2023, and Limerick-based FJ Hanly & Associates in 2024.
“With several additional deals currently in exclusivity, Gallivan is now on track to surpass €1 billion in AUM [assets under management] by the end of this year,” the company said in a statement.
Managing director Fergal Smith said the company sees “very significant opportunities for consolidation within the sector in the short to medium term.”
Marie Ainsworth, the founder of the Mount Street Group, which has more than 500 clients and manages €150 million in assets, said the company had reached a crossroads in further growth.
“Our options came down to either expanding the business, which would require an investment of capital or look to partner with a suitable firm which can provide the resources required.”
She said the decision was reached following “careful consideration”.
Kelly O’Shea, which was founded by Aidan Kelly, manages €40 million in client assets for more than 300 clients. Mr Kelly said he will be staying with the company following the acquisition.
