Investec is making cuts to its equities business in Ireland, as Brexit looms. The firm is making three roles in the institutional equities team in Dublin redundant, according to a spokesman, responding to questions.
Ian Huggard, Owen Callan and Ian Hunter are said to be exiting the business, according to people familiar with the matter, who spoke on condition of anonymity as the matter is private. Huggard heads institutional sales, while Callan and Hunter work as analysts.
A combination of concerns around Brexit and regulations stemming from MIFiD II are hurting the bank’s equity capital markets business in Ireland, one of the people said.
Investec shares fell the most in more than two years last week, after the bank and money manager said first-half profit would decline due to Brexit uncertainty and the global trade war. Investment-banking fees and trading income came under pressure at the company's UK specialist-banking business, where the lender also had to pre-fund the exit of Irish deposits ahead of the UK leaving the European Union, it said in a statement last week.
Investec is preparing to spin off its money manager by the end of the first quarter of 2020. The process is still on track, joint-CEO Fani Titi said last week, adding that the company continues to focus on simplifying its operations by closing down units or selling them. Profit at the asset manager will be higher for the six months through September, he added. – Bloomberg
