New Goodbody unit limbers up

Goodbody stockbrokers is gearing up for the launch of its new asset management unit this month. The team recently gave a presentation to top management at Goodbody, whose chief executive is Roy Barrett.

The word is the new unit has set itself a target of attracting funds under management of €1.5 billion by 2020.

The team currently comprises three executives recently poached from Goodbody's mortal rival, Davy. Paul O'Brien, Damien Meade and Alan Wyley will be joined next month by James Forbes, who was a top Davy executive.

In Dublin money management terms, it was the equivalent of Barcelona plucking Ronaldo, Benzema, Bale and Ramos from Real Madrid, all in one go.

The three executives currently in situ must abide by non-solicitation clauses for six months, which means they can’t target any insurance companies whose money is currently managed by Davy as they trawl for business.

New money

So for the rest of the year, the Goodbody unit will be restricted to targeting “new money”. No shortage of that in Ireland these days.

The money will be invested in funds grouped into three strategic themes: global dividend yield and growth, global small caps, and global leaders.

I hear Goodbody plans to add to the unit’s staff numbers as business grows. Don’t you just love the smell of competition in the morning . . .