In Short

A round up of today's other stories in brief:

Goodbody analyst scoops finance award

Joe Gill of Goodbody Stockbrokers won analyst of the year at yesterday's Moneymate/Investor magazine financial services awards.

The awards were presented at a ceremony at Dublin's Burlington Hotel last night. Eagle Star Life won four prizes - best investment fund manager; best pension fund manager, best customer service and best insurance provider in 2006.

Bank of Ireland was another big winner, carrying off the accolade of Investor magazine readers' choice of best financial institution, as well as being named the best mortgage provider.

New Ireland Assurance won best investment fund and best pension fund.

Rabodirect was voted the group providing the best financial services online, while Invesco was named best financial services consultancy.

Investor-funded firms expanding

Employment among firms funded by members of the Irish Venture Capital Association (IVCA) rose by 39 per cent in 2005, compared with 17 per cent growth in 2004, according to a new study.

IVCA companies backed 23 new companies that year, 96 per cent of which were in an "early high-tech" phase, according to the report, The Economic Impact of Venture Capital in Ireland.

Revenues from such companies rose by 34 per cent in 2005, reaching €1.95 billion.

"This compares well with growth of 20 per cent by VC-backed companies in the UK," UCD professor Frank Roche, a co-author of the study, said.

The study also finds that Irish VC-backed firms are more likely than their European counterparts to be high-technology companies. Compared to an EU average of just 17 per cent, high-technology companies accounted for 84 per cent of all Irish VC investments in 2005.

The study involved surveying all companies that are funded by IVCA members.

Lender prioritises specialist sector

Kensington, the owner of Start Mortgages, Ireland's specialist lender for customers with bad credit histories, said it plans to increase its focus on the specialist market in Ireland and the UK.

The company last month announced it was conducting a review of its operations, which led to speculations it may be sold.

In a statement to the stock exchange yesterday, however, Kensington said a preliminary assessment of the review had reaffirmed the importance of the specialist area of the mortgage market and as a result, the board expected the review to result in an increased focus on the area.

Law firm opens office in Belfast

Law firm A&L Goodbody has announced plans to open an office in Belfast.

The firm will open its Northern Ireland office on May 1st.

Peter Stafford, Mark Thompson and Patricia Johnston, who established STJ Legal in Northern Ireland in April last year will join A&L Goodbody's Belfast operation, along with their existing teams. All three are experienced in corporate/commercial and commercial property law in Northern Ireland.

Paul Carroll, managing partner, A&L Goodbody, said: "Northern Ireland is a very exciting marketplace and one about which A&L Goodbody is very positive. With our new partners, we will further develop our Northern Ireland expertise and capability."

Fairfax

A report in yesterday's Business This Week quoted a spokesman for US insurance group Fairfax as saying: "It's really not usual for a company of Fairfax's size to have this type of flow between the US and European subsidiaries."

The report should have stated that such flows were "not unusual".