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Davy in Bloxham buy

IRELAND'S largest stockbroker, Davy, has agreed to acquire the private clients division of local rival Bloxham in a deal estimated to be worth as much as €10m.

Bloxham's private clients arm has revenue of about €6.5m annually and assets under management of €540m. It was trading profitably.

The move will also involve the transfer of 27 Bloxham staff in Dublin, Cork and Limerick to Davy, which is expected to take place on May 11.