Goodbody Stockbrokers to outsource settlements

AIB owned Goodbody Stockbrokers is to outsource its clearing and settlement operations to a subsidiary of Bank of New York.

AIB owned Goodbody Stockbrokers is to outsource its clearing and settlement operations to a subsidiary of Bank of New York.

Pershing, which will set up a subsidiary in Dublin, will settle all of Goodbody's client trades and issue contract notes in the firm's name.

Some of the Goodbody staff involved in the operation will be moved to Pershing, while others would be redeployed within the Goodbody group and the greater AIB Group.

Goodbody has over 11,000 investors and is the first Irish stockbroker to outsource such activities.

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