David Smith leaves Davy after 24 years ‘to pursue other interests’

David Smith has stepped down as head of institutional equities at stockbroker Davy to pursue other career opportunities. He will leave the business after 24 years with the Dublin-based financial group.

Staff were informed on Wednesday about Mr Smith's decision. He was one of the top four executives at the stockbroker and a member of the main board of J&E Davy, which is chaired by the former NTMA chief John Corrigan.

Mr Smith, who is 47, is thought to have been in the running in 2014 to succeed Tony Garry as chief executive of Davy. That role went to Brian McKiernan, who was head of wealth and asset management business, in March 2015.

In a note to staff, Kyran McLaughlin, deputy chairman of Davy and head of capital markets, said Mr Smith had made the decision himself as he “wants to pursue a number of other interests at this stage in his life”.

“He hopes, as do we, that he will be working closely with Davy in relation to developing some of these interests,” Mr McLaughlin added.

He said Mr Smith had made a “huge contribution” to Davy over the years and would be “very much missed”.

Equity business

Mr McLaughlin said Davy was looking at how its institutional equity business might be “best organised” within its capital markets unit following Mr Smith’s departure.

As an interim measure, equity sales, sales trading and trading will report to Paul Burke, who will also continue as head of corporate broking.

Mr Smith was responsible for the management of the institutional equity team, and maintained direct client relationships across various geographies.

Before joining Davy in 1992, he worked for Hoare Govett in London as a food and tobacco analyst.

Founded in 1926, Davy is Ireland's largest stockbroker and is owned by its leadership team and other staff having been the subject of a management buyout from Bank of Ireland in 2006.