Belfast’s ‘Causeway Securities is just the sort of business we are keen to back’

A Belfast-headquartered financial services business has secured a majority investment from private equity firm WestBridge.

Causeway Securities is an international distributor of structured products. It acts as an intermediary between blue-chip investment banks and its 300-plus strong client base of wealth managers, IFAs, insurance companies and credit unions.

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.

Chief executive Conor O’Donnell, who founded Causeway in 2016, led the transaction alongside Joe McDaniel, chief compliance officer.

The pair are supported by a leadership team across the UK and US offices, including Don Brudie (US CEO) and Andrej Ogorevc, chief investment officer.

The deal marks the third investment from WestBridge III and represents WestBridge’s first Northern Ireland-based investment.

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.”

Conor O’Donnell continued: “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. By leveraging their value creation model, we can enhance our operations, expand our product offerings, and pursue strategic growth opportunities.”

Peter Barkley, partner at WestBridge, added: “Causeway represents the third investment from our third fund, having deployed c.£60m of capital since August 2023.

“We are delighted to partner with Conor and his team for the next stage of the business’ growth journey. There is strong cultural alignment between our businesses and the whole WestBridge team has been impressed with the quality of the platform Conor and his team have built.”