Return to bonds trading for Goodbody brokers

GOODBODY STOCKBROKERS is planning to open a bonds desk, marking its return to fixed-income trading since 1997.

In an interview with The Irish Timesthis week, Goodbody managing director Roy Barrett revealed it has hired Colm Ryan and John Buckley to run the bonds desk.

Mr Ryan previously worked for Royal Bank of Scotland, Deutsche Bank and Goldman Sachs, while Mr Buckley was with BNP Paribas and Goldman Sachs.

“They have a good track record . . . and it’s an area that we believe we can establish good business out of. We’ll look to expand it as we go.

“It will be focused less on sovereign bonds and more on bank bonds, be they Irish or international,” Mr Barrett said.

Goodbody did not trade bonds under AIB’s ownership, as this function was carried out elsewhere within the bank’s capital markets division. Now that Goodbody is part of the Kerry-based Fexco financial services group, it is keen to re-establish itself in bonds.

Goodbody’s rival Davy has has a significant presence in bonds.

Mr Barrett also said Fexco’s execution-only stockbroking arm would be merged into Goodbody next week. This will involve six Fexco staff joining Goodbody.

Mr Barrett said close to 50 staff have left Goodbody since its acquisition by Fexco. It currently has 222 employees.

“The change of ownership was going to be a natural inflection point for everybody to look at their careers here or elsewhere. Some have gone elsewhere,” Mr Barrett said.

Goodbody has recruited “new blood” into the business, including equity research analysts, as it switches its attention towards global companies in five industries: airlines, gaming, oil and gas, paper and packaging and building materials.

The new hires include Gavin Kelleher, who is rejoining the stockbroker.

“We’ve some excellent analysts in those sectors who are well regarded internationally.”