Business Irish

Sunday 26 March 2017

IAVI to host shindig at McNamara's hotel

ONE wonders what sort of rate Bernard McNamara offered the IAVI when the auctioneers lobby group came knocking at his Burlington Hotel looking for somewhere to host their annual shindig.

Was Mr McNamara happy to squeeze at least some money out of the men and women who he now blames for his predicament, or was he tempted to tell them to take a running jump?

Either way, the country's leading auctioneers will be gathering today for their president's annual dinner, which includes speeches on the future of the banking and property industry with the help of such luminaries as Brian Lenihan's special adviser Alan Ahearne and An Bord Snip's Colm McCarthy.

An interesting topic for all of us, but few can have more at stake than Mr McNamara.

ON THE MOVE

Popular Merrion Capital analyst John Mattimoe has jumped ship, moving to Pat Lawless's Appian Asset Management where he will be head of investments.

Dublin-based Appian has also hired John Conway from Bank of Ireland's fund unit, beefing up the asset management company formed following the management buyout of the private client arm of Aberdeen Asset Management Ireland by ABN Amro veteran Patrick Lawless in 2003.

WELL DONE

Well done to Cork businessmen Thomas and Jeremiah Carey, who netted around €20m this week after selling their Little Island-based business, Irish Business Systems Ltd, to US giant Xerox.

The rare example of local mergers and acquisitions isn't an example of overnight success -- the brothers formed the company in the 1970s. Montenotte-based Jeremiah and Glanmire-based Thomas also owned Skerry's College, the legendary Cork teaching institute on St Patrick's Hill, which was founded in 1884 and mentioned by James Joyce in 'Ulysses'.

IN FINE FORM

Over in the Economic and Social Research Institute, the think-tank's John FitzGerald was in erudite mode on Monday when he presented one of the more optimistic reports on the economy to come from the ESRI for some time.

Talking about the public's fondness for saving at present, the bearded son of former Taoiseach Garret Fitzgerald mused that one of his colleagues had been considering a skiing holiday but had to call it off because none of her private sector friends could afford one.

She's saving instead. Perhaps those public sector cuts haven't gone far enough?

GUSHER

Tullow Oil's Aidan Heavey is a busy man these days as he tries to extend the explorer's reach in Uganda, but at least he's well paid for his troubles. Recent filings show he owns 6.24 million shares in the company he founded, which are now worth €92.6m.

It seems likely the 56-year-old father of three is happy he left a seemingly safe job as Aer Lingus's financial controller in the 1980s to set up Tullow, which is worth three times the combined value of Allied Irish, Bank of Ireland and IL&P.

Irish Independent

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