Financial services firm wound up

Specialist financial services firm Glas Securities is being voluntarily wound up by its directors amid tightening conditions in the fixed-income securities market.

The five-year-old Dublin-based company’s directors — Jim Ryan, Fergal O’Leary, and Michael Cummins — have taken the decision following an internal review, despite the company being profitable since its establishment in 2009.

The co-founders said that in the light of Irish bonds performing strongly of late and currently trading at record low yield levels, they believe fixed-income security spreads are likely to continue to contract in the coming years.