Goodbody Stockbrokers has appointed Paul Flynn to the new position of head of investment management, putting him in charge of a business with some €15 billion of assets under management.
The role gives Mr Flynn, who joined Goodbody two year ago as head of strategic change, responsibility for the oversight of the firm’s capital partners and asset management units, which, it said in a statement, are “key growth pillars for the firm”.
He previously worked with Bank of Ireland for more than two decades, ending up as chief operating officer for the lenders’ markets unit.
Goodbody has also named Noel Lawlor, who previously worked with AIB, as its chief compliance officer. Ruth Cosgrove meanwhile is its new head of corporate affairs and marketing. Ms Cosgrove previously served as a marketing executive with companies such as Britvic, Johnson & Johnson and Smurfit Kappa (now Smurfit WestRock).
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“I’m delighted to welcome Noel, Paul and Ruth to our executive team, they bring further depth and expertise to our Goodbody team which is focused on delivering strong results for all of our clients across the extensive range of wealth management, asset management, private capital and investment banking services we provide to the market,” said Goodbody chief executive Martin Tormey.
[ Goodbody Stockbrokers on track for full-year profit after loss narrowed in 2023Opens in new window ]
Goodbody, which was bought by AIB in September 2021 for €138 million, is on track to post a full-year profit for the first time in three years, sources said last month, after the reported that its pretax loss narrow by more than half in 2023 to €7 million.
Total revenue increased by 12.4 per cent to €73.3 million, even as its fee and commission income declined in its wealth management and investment banking divisions.
Average staff numbers increased to 375 last year from 354 for the previous year.
Goodbody cut 20 jobs in its investment banking unit last autumn amid a global slowdown in deal-making and fundraisings and an expected acceleration of large companies leaving the Irish stock market.
However, this was more than offset as it acquired Clearstream Solutions, an environmental, social and governance consultancy that had 15 employees; some AIB staff transferred to Goodbody with an equity capital unit; and the firm continued to hire in its wealth management division.
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