Bank of Ireland has sold its 90.4 per cent stake in Dublin-based stockbroker Davy to the firm's managers for €316.6 million. The cash deal values Davy at €350 million and comes after the company said in September that it had received a conditional proposal from Davy management to acquire the bank's stake. Bank of Ireland first acquired an interest in Davy in 1988, since when the private client and institutional broker has grown to employ more than 460 staff with gross assets of €649 million at the end of December.