Cantor Fitzgerald to buy Merrion in deal worth up to €18m
Rising regulatory and compliance costs will see wave of consolidation in finance industry
The tie-up between Cantor Fitzgerald Ireland and Merrion Capital comes at a time when management at Goodbody Stockbrokers and the firm’s majority owner, Fexco, are in advanced talks to sell the business to Chinese state-owned Zhong Ze Culture Investment Holdings
Stockbroking and investment services group Cantor Fitzgerald’s Irish unit has agreed to buy Merrion Capital in a deal worth up to €18 million, as the industry prepares for a wave of consolidation amid rising regulatory and compliance costs.
Merrion Capital’s chief executive, Pat O’Neill, who led a management buyout of the business four years ago, will step down as an executive but remain on board for a period in an advisory and consultancy capacity, according to sources. He is expected to return to work in fund management.