Business Irish

Friday 13 December 2019

Desmond's punts earned Respect at Cheltenham

WITH Cheltenham the feature event of the week, an interesting group of businessmen made their tips public when bookie Paddy Power offered them free €250 bets for charity.

Dermot Desmond copper-fastened his reputation for canny investments in all spheres when he placed a 6/1 bet each way on Get Me Out Of Here.

It came second in the opening race and made money for Mr Desmond's nominated charity Respect, which helps people with intellectual disabilities.

Michael Bailey of Bovale Developments was rather less fortunate, however, when the Tom Mullins-trained Tavern Times failed to win in the Bumper on Wednesday and Noel Meade's Go Native also disappointed in the Champion Hurdle.

Kingspan's Gene Murtagh Jr was another unlucky punter, tipping the fancied The Package in Tuesday's William Hill Chase.

Former Kerry Group chief executive, now healthcare entrepreneur, Denis Brosnan split the money to bet on Quel Esprit on Tuesday and Master Minded on Wednesday. Neither nag did well.

Another unlucky punter was TD and bloodstock-insurance man Sean Barrett, who backed Noel Meade's Go Native each way in the Champion Hurdle.

One51's Philip Lynch will find out today whether his punt on Eddie O'Grady-trained favourite Alaivan in the Triumph Hurdle will make any money for Self Help Africa

NAMA land

DEREK Quinlan was spotted in the Westbury this week, having coffee with friends before heading to Waterford on business.

The former tax official and new Swiss resident was seen looking "very, very dapper and very, very busy" as he worked his way through a sheaf of documents, just days before some of his loans were due to be transferred from his banks to the National Asset Management Agency.

Fund management

AVOCA Capital Holdings has hired Clayton Perry, a former head of collateralised loan obligations (CLOs), at Credit Suisse Group.

Mr Perry will join the St Stephen's Green-based outfit as chief operating officer.

He will be responsible for business development and marketing at Avoca, which manages €5.5bn of assets.

Perry, who will be based in London, joins from Broadchalk Advisors, where he was the principal and managing director.

Before that, he was Credit Suisse's head of global CLOs, financial instruments that package loans into securities of varying risk and return.

A true believer

TAOISEACH Brian Cowen may have closed the Fianna Fail tent at the Galway Races but it will be comforting for many builders to know he is still a believer in the construction industry.

In a forward to the first edition of the Government Construction Quarterly, published by the Irish Construction Industry magazine, Mr Cowen assures readers that Ireland will continue to have one of the largest capital-investment programmes in the European Union relative to the size of the country.

The magazine's readers will no doubt take comfort from his promise to "support a return to sustainable economic growth and employment generation" in the industry.

Irish Independent

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