Stockbroker Merrion Capital is laying off staff

Irish stockbroker Merrion Capital is to make a number of staff redundant as it seeks to reposition the business around its wealth management activities.

The stockbroker confirmed that it had entered a process with four staff this week that would result in some of them leaving the business.

In the statement, the company said: “Merrion is constantly seeking to improve its offering to clients. Our clients have changed through the recession and are more discerning and demanding. They are more financially literate and want a personalised and tailored wealth-management service.

“We are redesigning the business around providing our clients with active wealth management and advisory stockbroking services, and are offering a bespoke private wealth management service. We are currently reviewing our internal structures and resources to meet this new need.”

It is understood that the stockbroker, which is led by Pat O’Neill, is planning to rebrand as Merrion Private.

Merrion told The Irish Times that in "overall terms" it is on a "growth path", increasing its headcount in the past two years from 67 to more than 80 staff.

“Funds under management . . . have enjoyed double-digit growth this year alone,” it said.

In 2014, Merrion was restructured with management acquiring a large share of the business with Tetrarch Capital Partners Ltd and Somers Ltd taking sizeable minority stakes.

Earlier this year, rival stockbroker Goodbody reduced its headcount via separate voluntary and compulsory rounds of redundancy. This was viewed as a signal of tightening margins in a highly competitive marketplace.