Bank of Ireland’s stockbroking arm, Davy Stockbrokers, has enjoyed a surge in profitability from its private client division in 2005. So...

Bank of Ireland’s stockbroking arm, Davy Stockbrokers, has enjoyed a surge in profitability from its private client division in 2005. So great has been the upswing that the division now rivals the institutional business of the firm, which has traditionally been the strongest player in Ireland’s institutional market. Davy’s has €6 billion ($7.2 billion) of assets under management for private clients. During the last year the Dublin-based brokerage has acquired €2 billion in property related assets for clients. “Private clients is operating in a great environment and has come into its own. Stockbrokers have traditionally been seen as providers of stocks and shares, but we see ourselves now more as wealth managers,” said Tony Garry, chief executive of Davy, in an interview in the Irish press. Davy has maintained its position as Ireland’s leading stockbroker, with pre-bonus profits believed to be close to €60 million. Private client results have not been disclosed. Bank of Ireland owns 90.4 per cent of Davy, with senior management holding the balance. Analysts estimate that Davy has about 40 per cent of the Irish stockbroking market. AIB’s Goodbody, the oldest stockbroker in Ireland, has traditionally been the strongest player in the private client market. It too saw a record return last year, according to Eamon Glancy, the company’s head of private clients. "Private clients had its best ever year in 2005, and has enjoyed a very strong start to 2006. We’ve been very active in property, alternative investments and of course equities," said Mr Glancy, in a interview in the Irish press.