Bank of Ireland Gavin Kelly is expected to lead its Davy stockbroking and wealth management unit. Photograph: Chris Bellew/Fennell Photographyis lining up senior group executive Gavin Kelly to lead its Davy stockbroking and wealth management unit, according to sources.
“The process is progressing well, and appointment is expected to be announced and to commence during the second half of 2024,” the Davy spokesman said. Davy’s key wealth unit’s assets under management stood at about €16 billion by the time it was put up for sale. It had increased to close to €22 billion by the end of last year, including about €2 billion transferred from Bank of Ireland in early 2023 as about 2,000 high net-worth clients moved across.
The bank is threatening to withhold about €15 million in cover related to historical legal claims against Davy, and filed proceedings against Ailmount Limited last month.That case is currently in the midst of lengthy discovery applications. In February, Bank of Ireland was ordered to disclose more information related to the sale.