Goodbody Stockbrokers boosts investment banking with senior hires
, which saw a number of senior staff in its investment banking business leave during and after a redundancy programme in late 2023, has made a number of senior hires in a bid to boost the business.
The 151-year-old broker has lured back Stephen Kane, a former corporate finance director with the firm, who left in October 2023 for to become head of corporate advisory at
Cairn Homes
.
The firm has hired Daniel Goodman, who was head of debt capital markets for UK and Irish financial institutions with US banking group Wells Fargo, as head of fixed-income advisory, where he will lead the delivery of debt capital markets, environment, social and governance (ESG), capital and liability management advice to Goodbody clients.
Goodbody has also brought in Andrew Hackney, who previously worked for HSBC, Deutsche Bank and Numis, to lead its London office. He succeeds Piers Coombs, who left the firm in recent months after eight years – and a 33-year career in investment banking.
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It has also appointed Sinéad Cuthbert to the newly created role of head of strategic enablement and risk governance. She has already been a senior figure in Goodbody's executive change agenda since joining the firm in early 2023 from its parent, AIB.
The appointments are seen as a vote of confidence from AIB, which bought the stockbroking and wealth management company four years ago for €138 million, in the investment banking side of the business, after years of weakness.
This arm of the firm had been the driver of Goodbody racking up more than €22 million of losses over 2022 and 2023, amid a downturn in capital markets activity in Ireland. Stock trading activity has taken a particular hit in recent years amid the exits of former Iseq heavyweights CRH, Flutter Entertainment and Smurfit WestRock, formerly Smurfit Kappa, from the Dublin market – and a lack of initial public offerings (IPOs).
'I'm delighted to announce these key appointments to our team, adding deep expertise to an already strong Goodbody investment banking team,' said Finbarr Griffin, head of the firm's investment banking unit.
Goodbody chief executive
Martin Tormey told The Irish Times
late last year that the firm was on track to return to profit in 2024. It has not yet filed its financial statement for the year with the Companies Registration Office.
The firm has been involved in some high-profile transactions in recent times, advising a Oslo-based investment firm Eiendomsspar and Swedish hotel company Pandox on their agreement this month to buy Dalata Hotel Group for €1.4 billion. Dalata is behind the Clayton and Maldron hotel brands.
Goodbody also advised on the recent sale of Clanwilliam Group, a healthcare software and services company, to private equity firm TA Associates for a figure believed to be in excess of €400 million.
Mr Tormey said last year he also wants to grow the company's asset and wealth-management businesses further. Larger rival Davy stole a march against Goodbody in the past dozen years snapping assets amid consolidation in this space.
The Irish Times reported earlier this year that Goodbody is circling
BCP Asset Management
, a Dublin-based firm that was put on the market late last year and is said to be worth between €12 million and €14 million. This remains the case, according to sources.
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