Conroy moves to head up corporate finance arm of Merrion
Published 30/04/2010 | 05:00
MERRION Capital chief executive John Conroy has moved to take over the rudder at the broker's corporate-finance arm.
Mr Conroy, together with colleagues, is looking to buy a 50pc share in the unit, subject to regulatory approval.
Group finance director Michael Hodson is assuming the role of interim chief executive as Merrion goes about searching for a new boss.
In an email circulated internally this week, Mr Conroy said: "Having led the sale of Merrion to Landsbanki and the subsequent buy-back by management and staff, I now want to concentrate on corporate-finance activities in an increasingly active Irish corporate-finance market, working with my colleague, Rose McHugh."
Landsbanki paid €90m to acquire 84pc of Merrion -- before the Icelandic bank and rivals Glitner and Kaupthing faltered and were nationalised.
Mr Conroy led the buy-back of the Irish broker from the stricken Icelandic bank for about €30m. All of the firm's 100 staff were offered equity in the stockbroker, while its original backer, Allen & Co, the New York investment bank, remains a strategic investor.
Mr Conroy told staff: "I will continue to retain my significant shareholding in the holding company for Merrion Capital group."
Merrion has no debt on its balance sheet. It has diversified over the past few years by acquiring Oppenheim Investment Managers for an undisclosed sum. It has since rebranded the business under the Merrion name.
Last year saw Merrion back a management buyout of the Irish operations of Worldspreads.