GlobalReach Securities, a new Irish investment and asset management company, is planning to increase its assets under management from its current total of €550 million to €2 billion in the next six to nine months, following its recent launch. Paul Phelan, former chief executive of Quay Capital and a former director of Dermot Desmond’s IIU Asset Strategies, has been appointed as managing director of the new firm. The firm has recently announced its first property mezzanine deal, financing a €200 million office and retail portfolio in northern Germany. Following its launch and subsequent fundraising, the company is now valued at more than €20 million, and currently has assets under management of over €550 million, already an increase of €200 million on the €350 million it launched with.
The firm is being backed by a number of different groups, including private investors, institutional clients, overseas clients, HNWIs, private banks and credit unions. ‘The company will be looking to invest in both property and equity, but I would say that we would predominantly be looking at equity, private equity and hedge funds,’ Phelan told FINANCE.
GlobalReach will offer a full range of asset management and private client investment management and stockbroking services. An application for membership of the Irish Stock Exchange and the London Stock Exchange has been submitted.The new company’s head of asset management is David Tease, who has more than 20 years asset management experience with Citibank, Gandon Securities and Allied Irish Banks where he managed an alternative investment fund with over $1 billion in assets. |
