Raising Glas to city stalwarts
THE Punt was saddened yesterday to hear of the voluntary winding up of Glas Securities, which tried bravely to shake up the sleepy world of Irish bond trading.
Glas was set up at the height of our recent financial troubles and seemed to be prospering. The firm's daily analysis of events here in Ireland popped into the Punt's mailbox every morning and was uniformly good. For that alone, we will miss Glas but it is also a blow for the founders, Fergal O'Leary, Jim Ryan and Michael Cummins, who are all stalwarts of the Dublin scene.
Trinity-educated O'Leary previously worked at Citigroup in the bond division as well as Lehman Brothers and ABN Amro. UCD-educated Ryan worked in Hibernian Investment Managers and then joined Riada Stockbrokers where he traded Irish government bonds. He moved to Amsterdam in 1998 after the ABN Amro takeover and later went to Depfa Bank until that bank's explosion. Mr Cummins also served time with Depfa.
Between them, the trio have seen their fair share of tough times. The Punt wishes them well.