Bloxham, the Dublin-based securities firm, was ordered by the Irish central bank to cease all regulated activities after informing the bank of “financial irregularities.”
The issues, uncovered late last week, “relate to the reporting and accounting of the firm’s income, which was overstated over a number of years,” Bloxham said in an e-mailed statement today. A partner at the firm has been suspended, it said, without identifying the person.
No client funds are involved or at risk, Bloxham said. The company no longer has sufficient capital to meet the central bank’s licensing requirements as a stockbroker, Bloxham said.
Bloxham agreed to transfer all private client and fund management business to Davy, the country’s largest securities firm, the central bank said in a statement. The central bank and Bloxham are investigating, according to today’s statements.
Davy said in a separate statement it acquired Bloxham’s asset-management business, which manages more than 700 million euros ($880 million) of assets.
Bloxham traces its history back over 150 years and is based in Ireland’s International Financial Services Center in Dublin. Bloxham is a member of the Irish Stock Exchange and Euronext, according to its home page.
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org