Approval granted to establish new stockbroking firm

Merrion Stockbrokers, established by former executives of NCB Stockbrokers, has received authorisation from the Central Bank to operate as an institutional and private client stockbroking firm.

It has also been admitted as a member of the Irish Stock Exchange.

Merrion emerged following one of the biggest staff walk-outs in Irish stockbroking when seven executives, headed by deputy managing director, Mr John Conroy, left NCB Stockbrokers, owned by the Ulster Bank, to form the company last June.

This was followed by further defections. Wall Street investment bank, Allen & Co agreed to take a 30 per cent in the new company.

The link represented the first time a Wall Street firm took a direct stake in a Dublin stockbroking firm.

Merrion's chief executive, Mr John Conroy, said business was `encouraging" on its first day of trading yesterday. This covered both private client and institutional investors.

The company, he added, has been coming together "very well" with its "very strong partnership"

Merrion which now employs 40 people has announced nine further appointments. Mr John Coolican has been appointed senior technology analyst.

This is in line with its plan to broaden research coverage in this sector beyond the Irish market and "develop a pan-European technology research capacity", Merrion said. Mr Coolican has spent the last five years in the US working for KPMG and was US national director of KPMG's high-tech PeopleSoft consulting practice.

The other eight new appointments are split between Merrion Stockbrokers, Merrion Private Clients Division and Merrion Corporate Finance.

Mr Seamus Murphy has joined Merrion Stockbrokers as banking and finance analyst. He previously worked in several roles for Bank of Ireland, most recently as a senior executive of its corporate services division. Dr Robert Perryman has joined as pharmaceutical analyst and has worked at Butenandt Institute in the University of Munich and at the department of clinical neurological sciences at the RSCI and Beaumont Hospital.

Ms Bairbre Quinlan has jointed the stockbroking firm as senior accounts manager. She previously worked as a pan-European technology analyst with Europlus Research & Management, the fund management subsidiary of Unicredito Italiano. Other appointments included Mr Gerard Keating as account manager and Mr Jeremy Tucker as business development manager.

Merrion Corporate finance has made three appointments; Mr Mark Fogarty, Ms Dervela Gray and Mr Hugh O'Neill have become senior executives.