Just announced on Newstalk.
Very brief mention of this on RTE business section - overstated profits, which one presumes means losses to come? A single partner suspended if I heard it properly.
Bloxham Stockbrokers has agreed to transfer all its private client and fund management business to Davy Stockbrokers.
PS “No loss to client accounts” was also mentioned on the RTE business piece.
I presume the transfer to Davy’s is not a permanent one and the accounts will be more fairly divided up among the brokers at a later stage.
Sad end to an old, old firm.
Re the business transferred to Davy; possibly the reason is that Davy is best placed to take this on rapidly. I doubt if Bloxham Asset Mgmt is huge anyway. Still though, its a vote of confidence in Davy by the regulator, which is notable in itself.
The irregularities must have been serious in order to warrant this action by the Central Bank. So the client accounts and other assets get transferred over to Davy’s and eventually divied out amongst the other brokers. Presumably the top managers and other staff go with them. So who gets the rap. Or is will this be another case of no-one held accountable.
Perhaps it’s just temporary, but I can’t access their website (it worked an hour ago).
Davy has acquired the Bloxham's management business which
manages more than 700 million euro (£560 million) worth of
holdings. Along with the deal to take over Bloxham’s private
client business, announced last March, Davy has added about 1.2
billion euro (£900 million) worth of assets to its business.
Oh Pramit, you naughty boy.
FDB Insurance own a large chunk of Bloxam.
Could Bloxhams be the Irish MF Global?
their in depth analysis will be sorely missed
I trust you were using the words “confidence” and “regualtor” in the same sentence for comedic effect.
This will cause a lot of Irish investors to worry about their assets. I wouldn’t be surprised if it caused quite a few to renew interest in moving money offshore entirely.
This thread should be in the Central Bank section, surely?
Anyway, from a notice on their website, they had already transferred the retail business to Davy’s in March after making a strategic decision that it wasn’t viable.
I may be wrong on this but I suspect the Asset Management business was being bought by Davy anyway and they found the irregularities as part of due diligence.
The boys on Dame Street are sticking their chests out, but what’s the betting they didn’t have a fecking clue until someone disturbed their beauty sleep late last week?
Yep…would be interesting to know how it only came out now. my guess is CB did an audit. I dont think the CB will be sticking their chests out on this one.
Who is the actual Finance Partner referred to coyly in the news?
All answered here …
Watch the video as well.
Bloxham website up and running again.