Novacap’s operations will be merged with Davy’s existing manco business in Dublin and be renamed Davy Global Fund Management Luxembourg, the Irish firm said on 8 December. Both offices serve alternative funds (for professional and savvy investors) and Ucits funds (for retail investors).

Mancos are a growing segment of Luxembourg’s financial industry and the space has seen a number of mergers and acquisitions in the past couple of years. Mancos perform key operational and administrative functions for asset managers who may be located in another jurisdiction.

In the company’s press release, Stephen Roberts, CEO of DGFM Luxembourg, stated that the acquisition:

“... allows us to expand the range of fund governance services that we offer to asset managers wishing to launch and distribute Ucits and alternative funds across Europe. We look forward to working closely with the staff and clients of Novacap and partnering with them in their future business growth”.

Davy Group’s website said it has more than 700 employees and “€14bn+” in assets under management. Its third party manco business has “more than 60” staff members and oversees “an excess of €20bn” in funds.

In addition to its fund management business, it has capital markets, wealth management and financial advisory divisions. The group also operates in the UK and US.

Novacap’s website did not indicate assets under management and headcount, but its Linkedin page viewed on 10 December listed 12 employees.

Davy Group did not reveal the value of the transaction.

Delano has contacted Davy Group to request further details.