Montgomery sells 30% stake in fund management company for over €10m

PAUL MONTGOMERY has sold his 30% stake in the fund management company he founded for a price believed to be in excess of €10 million.

German bank Sal Oppenheim will take full control of Montgomery Oppenheim, one of the best performing fund managers in the country.

The company would not disclose the price of the takeover yesterday.

Mr Montgomery, who is in his late 50s, will leave his post as managing director of the firm to pursue other interests. A statement from the firm yesterday said that under Paul Montgomery it had grown to become one of Ireland’s most successful fund managers.

“The business manages funds of approximately €2 billion on behalf of a wide range of institutional clients and the Summit Funds for individual investors on behalf of the EBS Building Society.

“The company has just been named as MoneyMate Pension Fund Manager of the Year for 2005.”

Joe O’Dwyer and Kevin Gallacher have been appointed joint managing directors of Montgomery Oppenheim. Mr O’Dwyer is currently chief investment officer, while Mr Gallacher is director of marketing and client service. They will retain their existing responsibilities.

Sal Oppenheim is one of Europe’s largest independent private banking group with €100 billion of assets under management.

Mr Montgomery established the company nearly 20 years ago with John Govett & Co.

The Govetts stake was bought out by Sal Oppenheim in 1997.

Mr Montgomery was with Investment Bank of Ireland before getting up his own firm.