Strong economic growth has boosted prosperity and increased the demand for financial planning and investment advice
email rounding up the latestLiam Cotter’s childhood ambition was to be a millionaire. He dreamt of retiring before he turned 60, to pursue his passions for marathon running and music, and supporting himself with income generated by his lifetime savings.
Ireland’s newest wealth management company, Unio, which is backed by Canadian insurer Great-West Lifeco launched in April, responding to the demand for an industry to manage the burgeoning wealth in Ireland. Unio bought Cotter’s client’s business and two other wealth management groups and has €15bn in assets under management, of which two-thirds is pension business and the rest wealth.
Good times came in the mid-1990s, with a frenetic property boom. It ended with a banking industry crash that ushered in a recession and brutal austerity measures. In contrast to the Celtic Tiger era of the 1990s, the property sector has not featured in Ireland’s recent growth of wealth © Shutterstock Ireland is a nation of avid savers. Although latest official figures show the rate of savings dropped in the first quarter to pre-pandemic levels, the ratio of saving to total domestic income was still 14 per cent, according to the Central Statistics Office .
Others also report growing appetite. “What we have seen over the past few years is an increased demand for those services. because of accumulated wealth in the country,” says Ian Quigley, head of investment strategy in Ireland at London-based RBC Brewin Dolphin, “whether that’s on the investment side or in the financial planning side.” RBC Brewin Dolphin, which was bought by the Royal Bank of Canada in an €1.8bn deal last year, has some €4bn assets under management in Ireland.
Suzanne Cashin , financial planner, and Ian Quigley, head of investment strategy at RBC Brewin Dolphin. The company has some €4bn assets under management in Ireland © Paulo Nunes dos Santos for the FT Quigley, at Brewin Dolphin, is also seeing a surge in the number of continental European clients. “That’s become a catalyst . . . in a year’s time, it could be quite material [to the business],” he says.
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