Irish wealth management and investment firm Goodbody has agreed to acquire Belfast-based Legacy Wealth Management for an undisclosed sum, subject to regulatory approval. The transaction forms part of AIB Group's strategy to expand its wealth management business through targeted acquisitions across the island of Ireland.

The News Letter reported that the acquisition will strengthen Goodbody's presence in Northern Ireland while supporting the continued development of Legacy Wealth Management and expanding access to investment and financial planning expertise.

Legacy Wealth Management employs approximately 28 people and advises on more than £700m (€817m) of client assets. The firm has established its position in the Northern Ireland market through long-standing client relationships and a financial planning-led advice model.

Goodbody is a wholly owned subsidiary of Allied Irish Banks plc, with AIB Group maintaining an established presence in Northern Ireland. The acquisition is intended to accelerate Goodbody's all-island growth strategy while retaining local leadership and expertise.

Martin Tormey, chief executive of Goodbody, said: "Legacy Wealth Management has built a strong and respected position in the Northern Ireland market."

He continued: "This agreement supports our ambition to be an all-Ireland wealth management firm, while recognising the importance of local expertise, leadership and client relationships. We are excited to be able to bring the strong investment and financial planning capabilities of Legacy Wealth Management to Goodbody. We will be supporting Keith and the team on accelerating growth in the Northern Ireland market."

Keith Liggett, managing director of Legacy Wealth Management, said: "Legacy Wealth Management has grown by focusing on clients, people and long-term financial planning."

He added: "This agreement reflects shared values between both organisations. I look forward to continuing to lead the business and building on our success, while enabling clients to benefit from the strength and capabilities of both Goodbody and the AIB Group."

The transaction remains subject to regulatory approval before completion.