CURRENT ACCOUNT: It's never nice to see top staff turn their backs on you - more so when you are Davy Stockbrokers and used to being the headline act in town.

That might explain the firm's haste to dismiss the defection of director Brian Weber and seven senior colleagues - whom they casually labelled "middle management" - as something that would have no impact on the company.

Not so, say those familiar with the business. Seven of those leaving were portfolio managers, including Mr Weber, who was seen as one of the biggest money-earners for the private clients division. Most had several years' experience with Davy and were seen as the coming generation of leaders for the company.

Far from being a blip, the loss of the seven seems certain to affect the performance of the private client division in the short term as it boasts only 20 portfolio managers.

And while it may be something of a back-handed compliment that Morgan Stanley Quilter should target its staff as it looks to set up a private clients division in Dublin, the apparent ease with which it tempted Mr Weber and his colleagues - and no-one from rival brokerages - may stir some unease at Davy's Dawson Street HQ.

Of course, the eight may well simply have fancied a change of scene with a start-up operation in an increasingly difficult economic climate for private client funds, couldn't they?