Tuesday 6 December 2016

Healy steps down from UAE post

Joe Brennan

Published 04/02/2010 | 05:00

Former Irish Stock Exchange chief executive Tom Healy, who landed a plum role in charge of the Abu Dhabi Securities Exchange over two years ago, is preparing to step down and return to Ireland.

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Mr Healy, who headed up the Irish bourse for two decades, told colleagues this week that he has decided to move home as he approaches his 60th birthday at the end of this month.

He is credited with overseeing a successful rebranding of the fledgling Abu Dhabi stock market and attracting large brokers, such as Deutsche Bank, Citigroup and HSBC, though the benchmark index has been hit in recent months by the financial crisis in the emirate state, Dubai.

Abu Dhabi provided a $10bn bailout to its United Arab Emirates neighbour in December, averting a potential default at the government-owned Dubai World investment company.

Headhunted

Mr Healy was headhunted by the Abu Dhabi exchange within weeks of stepping down from the Irish Stock Exchange in June 2007. He was replaced by Deirdre Somers.

Under his watch in Dublin, he saw the market become independent from the London Stock Exchange in 1995 and transform itself from being a stock market backwater to global player involved in the listing of investment funds and specialist debt instruments.

However, the funds and debt -listings business has been hit in recent years as a result of the global financial crisis.

Mr Healy has carried out numerous consultancy and advisory assignments internationally for bodies such as the World Bank, the European Union and US Agency for International Development Aid.

He courted negative publicity during the controversial Fyffes-DCC insider trading case when the Supreme Court heard that he had let it be known that he would be "happy to see the whole issue go away".

Mr Healy has said he intends to remain with the Abu Dhabi bourse until a successor is found.

Irish Independent

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