Stockbroker Collins Stewart has unveiled plans to establish a fund management unit in Dublin to complement its existing funds arm in London and the Channel Islands, which has some £4.4 billion (€6.35 billion) under management.
The firm has hired former Bank of Ireland Asset Management executive Ivan Fox to set up the new business. The operation is expected to target assets of at least €100 million in the medium term, it is understood. "Subject to regulatory approval, it is anticipated that the new fund management company will be established and active by mid-2008," said Gary McCarthy, managing director of Collins Stewart in Dublin.
"Ivan is one of the industry's leading practitioners and his decision to come on board will enable us to exploit a clear opportunity within the fund management space," he said.
In interim results last month, Collins Stewart said it planned to grow discretionary assets under management, both portfolio mandates and funds. "One of these initiatives is that a dedicated sales team has been set up to service the entire business," it said.
"Our funds under management and administration is £4.4 billion (£2 billion discretionary) for over 15,000 private clients, intermediaries and institutions."
Mr Fox was chief of Irish equities at BIAM before his departure in August. He was responsible for a €6 billion portfolio and financials research.
BIAM said at the time of his departure that he was leaving to "establish a wealth management business".
