Firm rocked as eight of its team defect

IRELAND’S biggest stockbroking firm Davy Stockbrokers was rocked yesterday by the defection of eight of its top private client management team to Morgan Stanley Quilter.

The eight managers, earning an average of 150,000 per annum plus substantial bonuses, walked out in a shock move yesterday morning. It is understood one of the principle reasons for the departure was resentment at Davy’s plans to cut bonuses for the private client management team.

The defectors can expect significantly higher bonuses with Morgan Stanley Quilter.