South African pair close deals to take over Irish finance firms
the value of NCB's private clients business
SOUTH African investment firms Investec and Prescient each closed Irish takeover deals yesterday.
Investec said its NCB Stockbrokers unit will be rebranded within months, while Prescient named a new management team for AIB Asset Management (AIBIM) after completing a deal to buy the business from the State.
Investec Ireland chief executive Michael Cullen said NCB will be rebranded within months following the closure of acquisition and then integrated with the company's other businesses within three years.
That will remove one of the best-known names in stock- broking from the Dublin scene 31 years after it was founded by financier Dermot Desmond.
Mr Cullen said Investec intended to keep all NCB businesses, focusing initially on growing NCB's €1.3bn private clients business, while gaining market share in other areas including institutional equities and bonds.
The company has no intention to move NCB's institutional equities and bond desks to the UK.
Mr Cullen said he also expected the company's 240-strong workforce to be at "around the same" level in 12 months, although there would be some internal movement.
Mr Cullen denied suggestions that any senior NCB executives planned to depart and added that NCB chief executive Conor O'Kelly would remain head of the securities firm.
NCB will, however, leave its headquarters in the IFSC and find a new office to share with Investec.
Prescient Ireland said, meanwhile, that ex-Hill Samuel Fagan Asset Management executive Louise McGuigan would serve as head of asset management at the company which was formerly AIBIM.
AIBIM veteran Tom Baragry has, meanwhile, been appointed the firm's head of business development and Niall Markey appointed head of risk and compliance.
The company said last week that UCD economics graduate Fiona Sweeney would serve as chief executive.
The board of directors of Prescient Investment Managers (Ireland) Ltd will now comprise Louise McGuigan, Niall Markey and Fiona Sweeney as executive directors and Herman Steyn (chairman, Prescient Holdings) and Carey Millerd (deputy chairman, Prescient Holdings) as non-executive directors.