Dolmen Butler Briscoe acquires new business from competitor

Dolmen Butler Briscoe has acquired the stock-broking business of its smaller competitor BCP. The re-named company, Dolmen Stockbrokers, will expand to a staff of around 70 people in three offices in Dublin, Cork and Limerick.

Dolmen, which is majority-owned by Munich Re, also offers corporate finance and fund management services.

BCP's asset management, pension, property and fund/wealth management business has not been affected by the purchase.

Paul McGowan, Dolmen's joint managing director, said: "The addition of BCP's stockbroking business is a major advance for the Dolmen Securities Group."

McGowan applauded the timing of the merger, citing a resurgence in interest in equities due to low interest rates.

David Cullen, chairman, BCP Group, said that the disposal of its stockbroking business paved the way for the group to expand its investment, property and pensions business.