Cornmarket acquires financial adviser to prison officers

Ireland’s largest public sector pensions broker Cornmarket Group has acquired KD Retirement Services – a Dublin-based retirement planning business and financial adviser focused on members of the Irish Prison Service – for an undisclosed sum.

As an intermediary, Dublin-based KD, which trades as Capital Advisory Services (CAS), administers additional voluntary contributions and investments for more than 1,000 customers nationwide.

The deal, Cornmarket’s second in just more than three years, was concluded on April 4th and has been approved by the Central Bank of Ireland, the company said in a statement on Monday.

The acquisition “complements [Cornmarket’s] focus on providing expert, tailored financial advice and insurance to public sector employees”, it said.

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Patrick Ryan, Cornmarket group managing director, said the broker is “delighted to welcome” its new customers and said its focus is “firmly on the financial wellbeing of public sector employees and their families”.

He said: “As we continue to grow, our customers remain our number one priority. Irish prison officers will benefit from Cornmarket’s expertise in public sector finances and the comprehensive suite of products and advisory services that we provide.”

Mr Ryan said that in conjunction with the Irish Prison Officers’ Association, Cornmarket will run a retirement road show later this year “to help prison officers plan for their retirement”.

Cornmarket has expanded its offering to the public sector over the past number of years. The deal for CAS follows the 2020 acquisition of Scottish firm EIS Financial Services, a Scottish broker focused on teacher and lecturer members of the EIS trade union. It also acquired Penpro, a financial adviser and services provider to members of the Garda Representative Association, in 2016.

The group generated turnover of close to €58 million in 2021, the vast majority of which came from the sale of life assurance and pension plans, according to accounts filed last September. Employing more than 420 people, Cornmarket has offices in Dublin, Belfast, Glasgow, Cork and Galway.