Merrion Stockbrokers is gearing up its new fund management division, Merrion Fund Management Ltd, for growth, following the appointment of Gary Connolly, formerly of Setanta Asset Management, as head of funds marketing. The firm is set to expand its investment funds offering to its own clients, while also considering selling its proprietary funds via third parties in future.
The company has operated a small asset management team for some time now, but is looking to set up a larger division. Landisbanki, the Icelandic bank that owns half of Merrion, is throwing resources behind the venture.
Speaking on Merrion’s sales channels for its funds products, Connolly told FINANCE, ‘Initially we will be looking at the existing private clients’ network at Merrion. There is also the possibility to attract new clients, but we have not done too much publicity as of yet. In time we may also look to go through the broker network, although this is not one of our initial strategies.’
At present, Merrion Fund Management Ltd runs three funds, and is due to launch its fourth in September/October. This new hedge fund will be managed by Adrian O’Carroll, one of the foremost stockbrokers in Ireland. |
