Davy poaches executive from Central Bank

Grellan O’Kelly to become Davy’s new chief risk officer

Ireland’s biggest stockbroker Davy is set to appoint a senior Central Bank executive as its new chief risk officer.

Grellan O’Kelly, deputy head of markets supervision at the bank, will take on the role in January after he handed in his notice to his previous employer.

Mr O'Kelly will have day-to-day responsibility for risk management in the Davy Group which, as well as being a stockbroker, also offers its clients services in asset management, capital markets, corporate finance, private client investment and research.

Davy confirmed yesterday it had appointed Mr O’Kelly. It would not comment on whether he was taking on a new role or replacing someone.


Mr O’Kelly joined the Central Bank in March 2005 as a derivatives policy expert. In September 2010 he was appointed manager in the insurance division of the bank before being made deputy head of markets supervision.

This role he describes on his LinkedIn profile as being a “manager of supervision teams supervising market infrastructure and stockbroking firms. Also responsible for market surveillance team.”

Founded in 1926, Davy employs 560 people and in 2013 accounted for 48 per cent of all dealings in Irish equities on the Irish Stock Exchange.

The Central Bank declined to comment on Mr O'Kelly's departure. Several senior members have left the bank in recent years, including head of banking supervision Fiona Muldoon, deputy governor Matthew Elderfield, chief economist Lars Frisell, director of credit institutions Jonathan McMahon, director of enforcement and financial crime Peter Oakes and credit union registrar James O'Brien.