It seems that no Irish based stockbroking firm is now complete without its own fund management operation. Following on from Merrion Capital’s decision to set up its own investment management arm, and Merrill Lynch’s similar foray into the business last month, Collins Stewart has become the latest stockbroker to look to funds.
The firm, which is a subsidiary of UK stockbroking firm Collins Stewart Tullett plc, opened its Irish office in 2003. Since then it has expanded by offering a dedicated Irish equities sales and research service, and will now provide an investment management service for private clients.
Ivan Fox, former head of Irish equities with Bank of Ireland Asset Management (BIAM), has been hired to head up the operation, and he will be charged with generating assets under management of some ?100 million in the medium-term.
The firm, which also has funds operations in London and the Channel Islands, with some ?4.4 billion (?6.4 billion) under management, is expected to have its funds arm up and running by mid-2008.
Merrion’s new funds division meanwhile has just launched two new funds, the Merrion Fintra Fund and the Merrion Fintra Leveraged Fund. Both funds have a minimum investment of ?250,000. |
