Numis has confirmed plans to open an office in Dublin during the first half of 2022, as the London-based broker looks to expand its business in the euro zone. While Brexit has had "minimal impact on the performance of the business, an EU office would both restore certain EU institutional client relationships and provide us with the opportunity to expand our capital markets offering throughout Europe," Numis said in a statement on Friday.
“We will be investing in capability across both investment banking and equities within the new Irish subsidiary.”
The EU office is likely to be a relatively small operation. The Irish Times has previously reported that Numis would initially employ fewer than 10 staff at the hub.
Numis is just one of many financial companies adjusting their operations because of Brexit. Banks such as JP Morgan have shifted jobs and assets into the bloc in recent years to cater to EU clients now the UK has left the bloc. The US lender is further expanding its balance sheet in Frankfurt this year, according to a company filing.
Even without an EU unit, Numis reported record half-year revenue of £115 million (€132 million ) for the six months through March, up 83 per cent compared to the same period last year. The broker said a favourable market backdrop helped investment banking revenues more than double to £82 million and the outlook remained promising. "The pipeline is strong," co-chief executives Alex Ham and Ross Mitchinson said in the statement. "The outlook for the second half is encouraging." – Bloomberg