The annual Wall Street Irish-American Top 50 on Wednesday evening honoured Michael Rice, president of the Private Client Group at Wachovia Securities.

The awards were presented at a function in the Sky Club, New York, co-hosted by Irish America magazine and Financial Dynamics Business Communications.

Mr Rice, whose father is a retired city detective with grandparents from Monaghan and Louth, paid tribute to the predecessors of those present.

They were "true risk-takers", he said, who often found a hostile environment of "No Irish need apply" when they emigrated to the US.

What distinguished great companies and groups like the Irish Americans today was a unique culture and value system, he said.

The main challenge facing Wall Street in the light of recent scandals was "to build a culture of trust", he told the audience, which included many of New York's top financial figures.

Mr Rice is one of the primary architects of the July 1st merger of the retail financial advisory divisions of Prudential Securities and Wachovia Securities, creating the third-largest brokerage company in the US based on revenue.

This is the sixth year of the top Wall Street 50 awards organised by Irish America.

Two years ago the event was held in the Windows on the World Restaurant in the the World Trade Centre and a number of those attending perished in the 9/11 attacks.

Mr Rice led 2,000 of Prudential's staff to help clean up debris in East River Park after the collapse of the Twin Towers.