IT’S FULL-steam ahead at Covestone Asset Management, the Dublin-based group founded by lawyer Donal Roche (pictured) and licensed to operate in the investment market here just over a year ago.
Covestone has already secured €110 million in assets under management from 52 clients. Most of the funds are Roche family money – his father was a founder of CRH.
Jim Milton, a founder of Murray Consultants and a PR veteran, has agreed to become its non-executive chairman. Roche, who spent nine years as managing partner with law firm Matheson Ormsby Prentice, is a former chairman of Murray Consultants and the pair go back a long way.
Milton will continue with his day job at Murrays. He is currently advising Glanbia on the proposed sale of its Irish dairy business to Glanbia Co-op. He is also an adviser to John Magniers Coolmore Stud and Kenmare Resources.
Covestone is also seeking to hire a chief investment officer. The word on the street is that Martin Nolan, the highly respected CIO with Hibernian Investment Managers (HIM) is being lined up for the role. HIM is being wound down by Aviva, prompting Nolan’s change of direction.
