IBI Corporate Finance has acquired a 50% stake in Dublin-based mergers and acquisitions advisor BXI (Broker Exchange Ireland).
BXI focuses on facilitating and advising on transactions between brokers working in the insurance and wealth management sectors.
This is the first transaction completed by IBI since the completion of a management buyout from Bank of Ireland in 2017.
BXI (Broker Exchange Ireland) was founded by Shay Keane in 2019.
Tom Godfrey, CEO of IBI Corporate Finance, said the traditional world of insurance and wealth management brokers is going through a period of consolidation and rapid change.
“There have been some high profile and landmark transactions in the high end of the financial services market and in particular in the wealth management and insurance sectors over the past few years, but brokers in the smaller segment of the market follow a similar process, ”Mr. Godfrey said.
“The costs of regulation and compliance are increasing dramatically, many small brokers with owner-managers are looking to exit the market and you have a new generation of Irish and international players looking to bring diverse parties together to increase their market share and take advantage of greater economies of scale, “he said.
“We believe there will be a significant volume of transactions in this sector over the remainder of the decade and we are delighted to support Shay who has extensive experience and connections in the broker market,” he said. added.