Goodbody Stockbrokers plans to open London office later in year

Goodbody Stockbrokers is planning to open an office in London later this year to support its expanding capital markets business.

The brokerage said it was dealing increasingly in non- Irish stocks with international institutions, and the move, which is subject to regulatory approval, was designed with this in mind.

Goodbody, which is advising airline group IAG on its Aer Lingus takeover approach and previously advised Centrica in its acquisition of Bord Gáis Energy, is also hoping to drum up more corporate advisory contracts by locating in London's financial hub.

The firm, which employs about 200 staff mainly in Dublin, described the move as a natural progression of its capital markets and corporate finance strategies, adding that it wanted to be closer to a range of companies that it analyses and that its clients invest in.

“We have greatly increased our research coverage of UK and non-Irish stocks: out of 63 in our coverage universe, 23 are non-Irish,” it said.

Rival Davy has been operating in London for several years, while other Dublin houses such as Investec and Cantor Fitzgerald are owned by UK and US-based parents.

Separately, Davy has announced the acquisition by its Northern Ireland-based Davy Private Clients UK, of Graham Corry Cheevers, a financial advisory and investment firm based in Belfast.