Goodbody Stockbrokers
Industry | Parent Allied Irish Banks | |
---|---|---|
Website | goodbody |
Goodbody Stockbrokers is Ireland's longest established
Ireland has two large (one of which is Goodbody) and half a dozen medium-sized brokerages. A 2013 report by the Central Bank of Ireland noted the likelihood and possible risks of future mergers among firms.[3][4]
Goodbody was formerly owned by Irish financial services firm Fexco, which held a 51% interest, and by members of Goodbody's management and staff, who owned the remaining 49%. In November 2019, the Bank of China reached an agreement with Goodbody to purchase all of its shares for €155 million. In March 2020, the Central Bank of Ireland approved the proposed sale. The transaction was then expected to close in early summer 2020, contingent upon additional required regulatory approvals.[5] However this deal fell through, and in March 2021 Allied Irish Banks agreed to buy the stockbroker for €138m. The acquisition was completed on 1 September 2021.[6]
History
Goodbody family
The Goodbody family had ventured in
The business begins
On 13 November 1874, Goodbody attended a meeting of the
Paths separate
In 1885, Robert departed Ireland for
Goodbody & Webb era: 1885–1976
Jonathan retired from Goodbody & Webb in 1928, being succeeded by his son, Denis, along with his cousin, Jack Freeman. Denis remained a
Merger era: 1976–1990
Goodbody & Webb merged with Wilkinson & Faulkner and was renamed to Goodbody & Wilkinson. In 1985, the firm merged with Dudgeon, becoming Goodbody Dudgeon. A UK partner, James Capel, purchased a 40% stake in the firm. James Capel was the broking subsidiary of the
Goodbody Stockbrokers era: 1990–present
In 2010, Goodbody was acquired by
Controversies
A Northern Ireland property fund which was launched by Goodbody in 2005 had its value of investments written down to nil in 2009. A solicitor said the fund invested in residential property, even though his client had said she did not want any exposure to residential property. The stockbrokers made £1.1 million in commission from the £27 million put up by investors at the outset.[15]
The broker was ridiculed publicly in 2007 after it told its clients to buy an American pharma stock at $3.09 and gave it a price target of $5.70. Less than a week later, it was recommending that the same clients sell the same stock when it was trading at $0.83.[16]
In May 2010 the EU began investigating claims that AIB misused state aid by attaching conditions to loan deals, unfairly affecting competition in the Irish stockbroking market but benefiting Goodbody.[17]
Awards
In the 2011 Extel Survey, Goodbody Stockbrokers took four of the seven awards on offer for Ireland, taking two of the four company awards and two of the three individual awards.[18]
In the 2011 Starmine Awards, the Food and Beverage Analyst Liam Igoe, of Goodbody, was ranked sixth in the Top 10 Earnings Estimators in Europe.[19]
List of main Competitors
References
- ^ Hancock, Ciarán (24 June 2011). "Return to bonds trading for Goodbody brokers". The Irish Times. Retrieved 18 October 2011.
- ^ "Davy takes largest stake in restructured exchange". The Irish Times. 14 April 2014.
- ^ "Central Bank finds major problems with stockbrokers". Irish Independent.
- ^ "Calls for top-secret report on brokers to be released". Irish Independent.
- ^ Brennan, Joe (25 March 2020). "Chinese €155m takeover of Goodbody gets Central Bank approval". The Irish Times. Retrieved 8 April 2020.
- ^ "Takeover". irishtimes.com. Retrieved 10 August 2021.
- ^ a b c d e f "Our Heritage". goodbody.ie. Retrieved 27 May 2019.
- ^ "Goodbody may be sold as part of AIB restructure". The Irish Independent. Independent Woman. 15 January 2010. Archived from the original on 3 August 2012. Retrieved 18 October 2011.
- ^ Daly, Gavin (27 June 2010). "Fexco to pay €20 million for Goodbody Stockbrokers". Sbpost.ie. Retrieved 18 October 2011.
- ^ "Cantillon". The Irish Times. 7 July 2010. Archived from the original on 5 March 2016. Retrieved 18 October 2011.
- ^ "Announcement". Goodbody Stockbrokers. 20 September 2010. Archived from the original on 23 September 2010.
- ^ "Goodbody sale highlights economic decline". Financial Times. 27 September 2010. Retrieved 18 October 2011.
- ^ "Fexco makes a bargain basement deal for Goodbody – Irish, Business". The Irish Independent. Independent Woman. 26 September 2010. Archived from the original on 1 August 2012. Retrieved 18 October 2011.
- ^ "AIB to indemnify buyers of Goodbody against litigation – Irish, Business". The Irish Independent. 29 June 2010. Archived from the original on 4 August 2012. Retrieved 18 October 2011.
- ^ "Goodbody clients' investment of €31m in property fund wiped out |". The Post. 7 November 2010. Archived from the original on 1 October 2011. Retrieved 18 October 2011.
- ^ "The least influential people in business". The Irish Independent. 13 May 2007. Retrieved 18 October 2011.
- ^ Clerkin, David (23 May 2010). "EU launches AIB probe after complaint by Davy | The Post". Sbpost.ie. Retrieved 18 October 2011.
- ^ "Morning Meeting Wrap" (PDF). RTÉ News. Archived from the original (PDF) on 3 November 2012.
- ^ "Top Ten Earnings Estimators-Europe" (PDF). Financial Times. 25 May 2011. Retrieved 8 April 2020.