Tuesday 24 October 2017

Bruce Ashmore


FORMER Goodbody's director and hedge funder Bruce Ashmore now has a minor interest in the erotic dancing industry and more pedestrian stakes in hospitality and property investments.

A farmer's son from Carlow, he studied agricultural science at UCD then went on to work for accountants Arthur Andersen in Dublin, London and Libya, specialising in oil, gas and hotels. He then worked for a while with the IFA as an accountant.

He joined Goodbody in 1987 and eventually headed up its equities division.

He left in 2001 to set up a hedge fund called Pilot View Capital (PVC). Mr Ashmore later took a case against Goodbody and the financial regulator, asserting that a bad reference from his former employer delayed authorisation for PVC, costing Ashmore more than €22m. The case was settled.

No details of the settlement were disclosed although the court was told it involved "no payment of damages or costs" to Mr Ashmore by either Goodbody or the regulator.

Mr Ashmore withdrew any allegations of bad faith against the regulator and its employees.

PVC eventually got going and Ashmore managed its Atlas fund, targeting wealthy types with a minimum investment of €250,000. When the economic worm turned, it suffered. He departed in 2008.

He owns half of The Swan Hotel in picturesque Wells, Somerset and is involved in residential property development in England.

He has several tenanted pubs and restaurants around Bristol and owns the building where "fully nude" lap dancing club Grace of Bristol operates. "I have a number of property investments since the good old days when I had money and the banks were giving me money," he said.

He lives in Dartry, Co Dublin.

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