Primary dealers typically break even at best handling regular auctions, but stand to make considerable amounts in fees in managing larger bond sales, or what are known as syndicated bond deals. It estimates that the firm would need to build up a small debt capital markets team to complement its equities business. Davy was the only Irish-owned firm among the 15 primary dealers of Government bonds recognised by the NTMA. The firm said in promotional material for its sale that its wealth management business grew assets under management by €3 billion in recent years to €16.5 billion, according to the report. This would equate to a more than €25 million pot to be divided among 700 staff last year, it said.

Source: The Irish Times April 26, 2021 04:41 UTC