Sale of firm nets €15m for owners

TWO businessmen who set up an asset management company have sold 30% of the firm for around €15 million.

Nick Corcoran and Nigel McDermott, the founders of Cardinal Asset Management, which focuses on alternative asset investment products and services for the institutional market, netted €7.5m from the sale of 15% of the company to British fund manager ISIS with an institution.

A further 15% of Cardinal’s shares have been placed with private investors for the same amount.