Cornmarket Group Financial Services has acquired the remaining 75 per cent in brokerage Educational Institute of Scotland Financial Services for an undisclosed sum. The Ireland-based group bought an initial 25 per cent stake in EIS Financial Services in 2016.
Like Cornmarket, EIS Financial Services provides financial advice and services to public sector employees. It was set up in 1990 to give 55,000 teacher and lecturer members of the EIS trade union access to advice on investments, pensions, retirement planning and insurance.
"This is an important strategic move for Cornmarket as we expand our footprint in the UK," said Cornmarket managing director Patrick Ryan, who was appointed to the role in May this year.
“After our initial purchase of 25 per cent of EIS Financial Services in 2016, we believe there is a strong growth opportunity for the services we provide to teachers and other public sector employees in the UK.”
The acquisition has been approved by the UK's Financial Conduct Authority and the deal means Cornmarket will now directly employ more than 100 financial advisers in Ireland and Britain. Overall, the group, established in 1972, now has 400 employees in Dublin, Cork, Galway, Belfast and Glasgow.
Mr Ryan said demand for its services had “remained strong throughout the coronavirus pandemic”.
