AT A time when most Irish stockbroking firms are retrenching, IFSC-based Bloxham is looking to expand into the UK.

Bloxham, which is structured as a partnership, is planning to set up a joint venture with three ex-Merrill Lynch executives in London called Sonas Partners.

The new venture will reunite ex-Merrill Lynch fixed income managing directors Duncan Riefler, Barry O’Connell and Alex Dell’Anno.

Sonas, which is awaiting regulatory approval, will provide institutional clients with liquidity in assets such as structured credit, high-yield bonds, leveraged loans, distressed debt, bank capital and bankruptcy claims.

Raymond Deasy, a long-serving partner with Bloxham in Dublin, will move to London to become the venture’s chief operating officer. In total, the new entity should have a staff of 10.

Sonas, the Irish word for happiness or contentment, will be based in the City of London on Ironmonger Lane, close to the Bank of England. Bloxham’s managing partner Pramit Ghose told me this week the venture was “a logical move” that would protect jobs in Ireland.

The broker employs about 85 staff in Dublin, Cork and Limerick and will provide back office and settlement services to the London venture.

“We’re teaming up with well-known and highly-respected City figures to diversify our existing strong bond business,” he added. “That’s very positive in this [economic] environment.”