Private equity firm WestBridge has made a majority investment in Belfast-based Causeway Securities Ltd, a leading international distributor of structured products.
The deal marks the third investment from WestBridge’s third fund, which has deployed around £60 million of capital since August 2023, and is its first in Northern Ireland.
Causeway Securities acts as an intermediary between blue-chip investment banks and its 300-strong client base of wealth managers, IFAs, insurance companies and credit unions.
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The company’s global footprint includes the UK, US and other international jurisdictions, and is focused on continuing its rapid international expansion, with a particular focus on the US.
Causeway was established in 2016 by chief executive Conor O’Donnell, who led the transaction alongside Joe McDaniel (chief compliance officer).
Conor and Joe are supported by an exceptional leadership team across the UK and US offices, including Don Brudie (US chief executive) and Andrej Ogorevc (chief investment officer).
The WestBridge transaction team comprised James MacLeay and Peter Barkley, who both join the Causeway Securities board as directors, and Luke Gilbert, who becomes a board observer and will coordinate value creation initiatives.
James MacLeay, investment director at WestBridge, said: “Causeway Securities is just the sort of business we are keen to back. It operates in a niche and growing market and has already demonstrated strong organic growth and high client retention through exceptional service.
“There is a real hunger within the management team for geographic expansion through both organic and acquisitive growth initiatives.
“A sophisticated software platform provides a secure hub for advisers to monitor the performance of their clients’ structured investments and track market trends, while the sales and pricing teams work consistently to provide a leading service to both issuer banks and advisory clients.
“We are confident our model will support Causeway Securities to capitalise on the vast market opportunity for expansion.”
Chief executive Conor O’Donnell added: “Having already established our credentials and capabilities in the global structured products market, we wanted an investment partner to provide support and guidance through our next phase of growth and international expansion.
“We are delighted to join forces with WestBridge. We have been immensely impressed with the team and feel there is a strong cultural alignment between our businesses. We also believe that this is an indication of further institutional endorsement of the ever-growing structured product market.
“Their expertise and support will be instrumental in taking our business to the next level.”
