THE CENTRAL BANK has ordered Bloxham, one of the biggest stockbroker and asset management companies in Ireland, to cease all regulated activities with immediate effect.
The unexpected move came about after the management of Bloxham informed the Central Bank of financial irregularities at the firm when the markets closed last Thursday evening. The Central Bank has been pursuing an investigation into the company and following a definite line of inquiry.
The Central Bank ordered the company to cease trading at 5pm on Friday, but news was only released this morning about the move.
Bloxham has agreed to transfer all private clients and its fund management business to Davy in a deal worked out early this morning.
The Central Bank will continue its own investigation into the financial irregularities at Bloxham.
Calls to Bloxham and Davy were not immediately returned this morning.