Bloxham ordered by Central Bank to cease activities

Bloxham stockbrokers have been forced to cease all activities due to financial irregularities at the firm.

As a result Davy Stockbrokers have acquired Bloxham's €700 million asset management business after acquiring Bloxham's private client business in March.

The Central Bank said in a statement that following a definite line of enquiry by the bank, the management of Bloxham informed them of financial irregularities at the firm after the market close last Thursday.

The irregularities relate to the reporting and accounting of the firm’s income which was overstated over a number of years. As a result of this Bloxham no longer held sufficient capital to meeti licensing requirements and Bloxham were directed by the Central Bank to cease all regulated activities with immediate effect at 5pm last Friday.

Bloxham's asset management team will also transfer to Davy as part of the business transition.

We have been highly impressed with Davy's depth of expertise and professionalism when working with them on the transition of our private client business," commenting Pramit Ghose, Managing Partner of Bloxham.

"That relationship has progressed well and when the requirement arose to address our capital requirements, Davy, as a well resourced and market leading regulated entity was the obvious party. We look forward to joining the Davy team and to enhancing the range and depth of services to all of our clients”.

Tony Garry Chief Executive of Davy has assured Bloxham's clients that their services will not be affected by the move to Davy.

“Davy is pleased to acquire two profitable and established businesses from Bloxham. The transition to Davy is a very positive development for Bloxham’s asset management clients who will continue to be serviced by the same award winning team, but as part of a much larger and well capitalised business.