Bloxham Asset Management has been sold to Ireland-based Davy Stockbrokers after its parent group was ordered to cease trading as an inquiry is conducted into accounting irregularities.
The investment team headed by Pramit Ghose, who currently manages the Bloxham suite of funds including the Global Equity Income portfolio, will transfer to Davy with immediate effect. Assets run by the team currently exceed €700m in value. The transaction, which has been agreed in consultation with the Irish Central Bank, follows the discovery of issues in the internal finances of Ireland's oldest stockbroker Bloxham last week. Issues relate to the reporting and accounting of the firm's income and no client funds are involved or at risk, according to a statement from the group. Ass...
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