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Commerzbank to service private client brokers Back  
Commerzbank Securities plans to offer Irish private client brokers an internet-based service which will offer access to its research and execution facilities on pan-European stocks. The roll-out to Irish private client brokers is expected in October. The service will be ‘paid for’ by order flow and transaction commissions without a direct charge to brokers.

It signals that Commerzbank Securities will not compete for private clients directly but will offer brokers the ability to widen their service to private clients. With private clients slowly following institutions in diversifying their investments into the eurozone, Irish stockbrokers need to expand their research and execution services as they continue to aspire to be the main point of contact with customers. Brokers are more likely to be able to meet clients’ trade execution needs at present than to be able to quickly offer complete research coverage of pan-European stocks. The contact for the Commerzbank Securities service is David McCreedy in London at +44-207-6537702. Danny Ryan, formerly of Anglo Irish Bank, has been hired to service the new broker business.

Meanwhile fellow Irish Stock exchange member Merrill Lynch has appointed Chris McGale as relationships manager for Ireland. McGale comes from his role as head of equity sales for Ireland and will report to Rennie McConnochie and Michael Hammond, co-heads of equity sales for Europe, Middle East and Africa.

‘We are delighted that Chris will be assuming the newly created role of relationship manager for Ireland’ said Joseph Willett, chief operating officer for Europe, Middle East and Africa. ‘Ireland is an important market for us and the relationships Chris has built up with the investment community as head of Irish institutional equity sales will be a significant asset as we further build our?market position in Ireland.’

Merrill Lynch became a member of the ISE earlier this year and although the group has a strong presence in Ireland where it employs more than 140 people under the leadership of Michael D’Souza, its Irish stockbroking function is based in London.

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