The Central Bank has today ordered a major stockbroker to cease all regulated activities immediately.
Management at Bloxham informed the Central Bank of alleged financial irregularities at the firm at the close of business on Thursday, and the bank took action at 5pm on Friday evening.
This morning, Bloxham agreed to transfer all private client and fund management business to Davy.
The Central Bank is continuing its own investigation into the alleged irregularities.
Commenting, Tony Garry, Chief Executive of Davy, said: “Davy is pleased to acquire two profitable and established businesses from Bloxham.
“The transition to Davy is a very positive development for Bloxham’s asset management clients who will continue to be serviced by the same award winning team, but as part of a much larger and well capitalised business.
“We are also pleased that the acquisition of Bloxham's private client business - announced in March - has now completed. The client assets currently held by Pershing are scheduled to transfer to Davy on 6 June 2012 which will ensure continuity of service for these clients.”
Commenting, Pramit Ghose, Managing Partner of Bloxham said: “We have been highly impressed with Davy's depth of expertise and professionalism when working with them on the transition of our private client business.
“That relationship has progressed well and when the requirement arose to address our capital requirements, Davy, as a well resourced and market leading regulated entity was the obvious party. We look forward to joining the Davy team and to enhancing the range and depth of services to all of our clients”.
All former private clients of Bloxham, who are now clients of Davy, should contact 01 611 9200 should they have any queries or wish to transact business.