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Business & Economy

Fairstone moves into Irish market with PAX Financial deal

A wealth management firm has moved into the Irish market following a takeover.

Newcastle-headquartered Fairstone has bought PAX Financial.

Bosses say the agreement – which secures funds under management of €200 million – “makes for a powerful partnership and opens many exciting opportunities”.

Based in Dublin, PAX employs 66 staff and advisers, who support more than 7700 clients, and also operates the ‘AskPaul’ brand, which offers consumers financial advice via social media.

The takeover comes after Fairstone earlier this year secured its 50th acquisition, and chief executive Lee Hartley [pictured, above, left] said it has no intention of slowing down.

He said: “We have been looking to expand into the Irish market – and in PAX, we have found the perfect partners.

“We both share the same values around ambition, growth and delivering first-class client outcomes, and I believe we have found long-term business partners who will play a key role in the next part of our journey.”

Paul Merriman, PAX chief executive, added: “The decision by Fairstone to acquire PAX is a measure of confidence in the Irish market, and represents an exciting opportunity for the Irish consumer.

“The relationship with, and support of, Fairstone will further accelerate this growth in the months and years ahead.”

Fairstone’s other recent acquisitions include East Devon Associates, Scottish Highlands-based East2West Financial Services and Huddersfield’s Brantwood Financial Planning.

The company employs more than 1000 staff across 40 UK-wide locations.