Numis Plans Dublin Office to Bolster EU Offerings Post-Brexit
(Bloomberg) -- Numis Corp. plans to open an office in Dublin during the first half of 2022, as the London-based broker looks to expand its business in the bloc.
While Brexit has had “minimal impact on the performance of the business, an EU office would both restore certain EU institutional client relationships and provide us with the opportunity to expand our capital markets offering throughout Europe,” Numis said in a statement Friday. “We will be investing in capability across both investment banking and equities within the new Irish subsidiary.”
The EU office is likely to be a relatively small operation. The Irish Times has previously reported that Numis would initially employ fewer than 10 staff at the hub.
Numis is just one of many financial companies adjusting their operations because of Brexit. Banks like JPMorgan Chase & Co. have shifted jobs and assets into the bloc in recent years to cater to EU clients now the U.K. has left the bloc. The U.S. lender is further expanding its balance sheet in Frankfurt this year, according to a company filing.
Even without an EU unit, Numis reported record half-year revenue of 115 million pounds ($160 million) for the six months through March, up 83% compared to the same period last year. The broker said a favorable market backdrop helped investment banking revenues more than double to 82 million pounds and the outlook remained promising.
“The pipeline is strong,” co-Chief Executive Officers Alex Ham and Ross Mitchinson said in the statement. “The outlook for the second half is encouraging.”
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