Rathbones, one of the UK’s leading wealth and asset management groups, said on Tuesday it has taken a “significant step” in setting up an EU hub in Dublin by appointing financial sector compliance veteran Dolores Geaney as managing director.
Geaney, who brings with her 30 years of experience in global financial services, including leadership roles at Davy, Investec and more recently with Wells Fargo International, will be central to developing new relationships across local and UK expatriate networks, once approvals are in place, Rathbones said in a statement.
“Establishing a presence in Dublin is an important part of our strategy to build our international offering in support of growth and serve clients wherever they are,” said Camilla Stowell, chief executive of wealth at Rathbones.
“Dolores brings the strong leadership and client focus we need to establish strong foundations in Ireland and Europe as we progress through regulatory approvals.”
READ MORE
Rathbones is continuing to engage with the Central Bank of Ireland on authorisation and will issue an update on progress as appropriate, the company added.
Geaney served as chief compliance officer at US banking giant Wells Fargo’s banking unit in Ireland between 2020 and 2021, having previously worked in the Irish branch of Investec for almost a decade and a half, ending up as head of compliance and the firm’s money laundering reporting officer.
More recently, she was a non-executive director at Australian financial services group EML, before being hired as a strategic project consultant by Rathbones on its plans to set up a base in Ireland.
Rathbones had £115.6 billion (€132.4 billion) of funds under management and advice at the end of last year. It started as a family-run timber merchant in 1742, and by 1912 focused entirely on managing clients’ wealth.
Geaney said: “I’m delighted to lead Rathbones’ European initiative. Our focus is on building a high-quality platform for clients and partners, working closely with colleagues across the group to deliver Rathbones’ investment and wealth management services across the EU, subject to regulatory approval.”
Ireland’s wealth management industry has gained significant momentum in recent years. AIB and Bank of Ireland are expanding their offering through the purchases of Davy and Goodbody between 2021 and 2022, while a number of UK-based firms are launching operations in Ireland to support UK clients residing across the EU.
The Irish units of the likes of RBC Brewin Dolphin, Gresham House and Quilter Cheviot have also invested heavily in developing their businesses.
