Acquisitive Financial Planning firm Fairstone has entered the Irish market with a deal to buy PAX Financial, a major player in the republic's advice market.

PAX is a Financial Planning firm based in Dublin and has 66 staff and advisers.

It serves more than 7,700 clients and the deal will add €200m (£175m) in assets under advice.

In Ireland, PAX uses the brand ‘AskPaul’ to offer what it calls a jargon-free financial advice service to consumers via social media channels. 

Fairstone says the service has been a “unique player” on the Irish landscape, combining insight with understanding of digital trends to serve its target market.

Fairstone has acquired many adviser and Financial Planner firms over the past few years. In May it acquired £135m AUM Cumbria-based Chartered Financial Planning firm Financial Concepts for an undisclosed sum. 

Lee Hartley, CEO of Fairstone, said: “We are delighted to welcome PAX into the Fairstone family. We have been looking to expand into the Irish market and in PAX, we have found the perfect partners to deliver this growth.

“The combination of Fairstone’s extensive experience in the UK sector with PAX’s management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities.

“We both share the same values around ambition, growth and delivering first class client outcomes and I believe that with Paul, Ian, Conor and the management team at PAX, we have found long-term business partners who will play a key role in the next part of our journey. Together we want to shape the future of financial advice in the Irish market.”

PAX CEO Paul Merriman, who will now take on responsibility for Fairstone in Ireland as CEO, said that the Fairstone proposition appealed as it was a proven and highly successful model in the UK which offers potential for the Republic of Ireland, a market set for regulatory change and consolidation.

Mr Merriman said: "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.

“Thanks to the hardworking team at PAX, we have spent over a decade developing our business and reach in order to facilitate a move such as this. The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead.

Fairstone incorporates one of the largest Chartered Financial Planning firms and earlier this year made its 50th exceeded £100m of revenues. The firm is based in Newcastle and employs more than 1,000 people in 40 UK locations. It oversees £13.5bn in FUM for more than 50,000 wealth clients and 40,000 mortgage clients.

• Financial Planning Today analysis: Fairstone’s deal in the Republic of Ireland is a sign that Financial Planning growth for leading UK Financial Planners may increasingly be international as the UK market becomes crowded. It’s also a sign that the global nature of the Financial Planning profession will increasingly have an impact on the UK market. Many of the private equity firms funding UK Financial Planner firm M&A activity are US based, firms like Kingswood have growing adviser firm interests in the US and a number of European firms have invested in the UK advice market. This is not likely to be the last time that Fairstone, one of the biggest UK Financial Planning firms, looks for overseas opportunities.