The fragmented wealth advisory and management industry has been undergoing rapid consolidation since 2021
Moneycube.ie, an online platform for investments, savings and pensions, has acquired Clondalkin-based mortgage broker OMAC Mortgages and Finance Ltd to make its first foray into the mortgage market and boost its assets under advice to €250m.
The purchase of the long-established west-Dublin mortgage business – which has €30m in assets under advice – is the latest in a series of acquisitions by Moneycube.
In 2022, it bought corporate pension consultancy Allen Retirement and Finance and private wealth management firm Pension Investment and Property Trustees. The two firms then had a combined €100m in assets under advice.
Moneycube’s straight-talking approach made it a standout choice
Moneycube also acquired O’Sullivan Tierney Financial Management and the operation of Alexander Beard International Benefits, which specialises in employee benefits.
A fragmented Irish wealth advisory and management industry has been undergoing rapid consolidation since 2021, with smaller owner-managed pensions and investments advisers and mortgage and insurance brokers being snapped up.
For instance, private equity-backed Arachas and industry giant AJ Gallagher have been buying smaller insurance brokers across Ireland. However, many independent Irish-owned businesses seeking a lucrative exit believe domestic buyers are a better cultural fit.
Garry Manning, managing director of OMAC Mortgages and Finance, said: “Moneycube’s straight-talking approach to finance, its deep knowledge of investment markets and its Irish roots made it a standout choice to back the future of OMAC Mortgages and Finance.”
Obtaining a decent mortgage deal has become more complicated
Feargal McKenna, head of corporate at Moneycube, said: “Garry and the team have built a cracking operation in Clondalkin. Their reputation among customers and the wider financial services industry made OMAC Mortgages and Finance an attractive prospect for us to invest.
“Like investments, pensions, and protecting your wealth, obtaining a decent mortgage deal has become more complicated in Ireland in recent years. That’s where we can help.
“We’re looking forward to working with the OMAC team to helping simplify that journey.”
The use of mortgage brokers to secure home loan offers has surged by 75pc over the past six years, according to recent figures from the Banking and Payments Federation Ireland.
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