WHEN Dermot Desmond bought the near-bankrupt London City Airport from the building firm John Mowlem he probably didn’t believe that 11 years later it would net him a profit of a cool €1 billion.

TWO businessmen who set up an asset management company have sold 30% of the firm for around €15 million.

A new asset management company, Cardinal Asset Management, focusing on alternative asset investment products and services for the institutional market, has been launched by Nick Corcoran and Nigel McDermott.