Financial services sector ‘will consolidate further’

Competition from international firms will ensure that the Irish financial services sector consolidates even further, according to Brian Weber, head of the Irish operations for the international private client business, Quilter.

“Just over 10 years ago there were 16 Irish stockbroking firms. That is now down to six and two of those are owned by international firms.

“The pressure will be for more consolidation because international players bring much better economies of scale; better cost bases; greater research resources all spread over larger client bases,” Mr Weber said.