Bank of Ireland Private Banking has launched a new Direct Private Banking unit that will actively target wealth management business from external clients. Sean O’Murchu, previously head of Retail Channel Management, has been appointed to lead the new venture, which comprises a team of seven senior private bankers. That number is expected to grow as the business develops, said Irish News. A market research unit has also been established to support future development. "Over the last 10 years, there has been a huge surge in wealth creation in Ireland as a result of which we have seen excellent growth in our private banking business. Private Banking’s profitability and assets under management has seen a threefold increase in the past four years," Mr O’Murchu said. "We are increasingly growing the number of clients who have no connection with Bank of Ireland and we are seeing a growth in enquiries from those who have been using other firms. Last year, we highlighted the existence of 33,000 millionaires in Ireland. We believe that any of these is a potential client for us." The new Direct Private Banking unit has access to a team of in-house specialists who advise on fund management, alternative investments, property investments, credit facilities and retirement plans.