Stockbroking firm, Dolmen Butler Briscoe, has announced the acquisition of the investment management portfolio of Halidon Ltd. No figures have been disclosed but the consideration is understood to have been nominal and the portfolio is under £50 million (€63.5 million).

Halidon, set up 12 years ago, "after a careful review of its activities" has decided to "vacant the investment management intermediary market", Dolmen said in a statement. A spokesman for Halidon said the company will concentrate on its core project management and management consultancy business. Dolmen now has a portfolio of some €260 million (£205 million) under management. Director, Mr Ronan Reid, said it was the firm's policy to expand the business through the acquisition of people and businesses. Further acquisitions are contemplated. Mr David Gorman has joined the firm as investment manager from Halidon. He "will ensure a smooth transition of business and provide a continuity of service to clients", the statement said.

Dolmen has announced further appointments. They are Mr Martin O'Sullivan and Mr Des Lawrence.

Mr O'Sullivan was formerly with Merrill Lynch Dublin where he was director of debt trading. He will develop Dolmen's future fund management and corporate bonds business.

Mr Lawrence was formerly with BV Financial in the IFSC where he managed DM500 million in bonds and equities. He will be part of the group's fund management team.