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ALUMNI | Trinity Business Alumni
Q&A Conor O’Kelly, President of the Trinity Business Alumni and CEO of NCB Stockbrokers, fields questions from Trinity Today.
(Photo of CONOR O’KELLY)
EDUCATION
Trinity College Dublin: B.B.S. (1982)
Senshu University, Japan: Masters Degree in Japanese Commercial Policy.
CAREER
CEO of NCB Group, Director of the Irish Stock Exchange and President of Trinity Business Alumni.
HOW WOULD YOU SUMMARISE YOUR TIME AT TRINITY?
I had great fun and made some terrific and long-lasting friendships. I was fortunate to live on campus for a number of years, and I must say they remain some of my fondest memories. In those days, of course, the lights of Dublin city literally went out at 11.00pm, which curtailed our nocturnal activities and kept us a little more focussed on our studies.
HOW HAS THE IRISH FINANCIAL SERVICES SCENE CHANGED SINCE YOU BECAME CEO OF NCB IN 1999?
Since the adoption of the Euro, the biggest change has been that the Irish investment market has become increasingly dominated by foreign investors. A large component of the Irish market has always been owned by overseas investors and this has increased dramatically. Overseas investors, particularly those from the UK and the US, have always demanded analysis, service and execution of the highest quality. Investors in London and New York continue to set the global standards in the asset management sector and demand these exacting standards from their stockbroking counterparts.
The sector is continually changing with the emergence of specialist fund management styles, alternative investments and new technology, not to mention the impact of increased regulation on the industry. Irish stockbroking firms have moved continually in step with these changes, which has meant constant education and investment in our businesses. The outcome of this exposure to an ever-changing and cutting-edge client base has meant an extraordinarily high standard of service exists among the top three Irish broking firms.
Large global investors choose to use local brokers in a small market like Ireland for a good reason. Only the local brokers dedicate the time, resources and consistency that long-term coverage of regional markets requires. The big investment banks are not interested in Irish stocks because they are too small and do not pay enough fees to pay an average investment banker’s bonus! It is worth noting that the big three Irish firms execute over 80 per cent of all trades on the Irish Stock Exchange.
Returning Irish emigrants from all over the world have augmented and added to the skill base at home. The Irish firms all employ personnel who trained in some of the biggest and best investment banks in the world. Having personally worked on Wall Street and in other parts of the world for many years, I can confidently say that the standard of service and talent in the Irish marketplace can and does compete with the best firms in the world.
WHAT DOES THE FUTURE HOLD FOR STOCKBROKING IN IRELAND?
The critical element for the future of this business is always the same: people. Hiring, retaining and motivating talent is the key to success in this business. In a business that attracts strong individual personalities and a wide variety of backgrounds, it’s challenging to foster a team ethos and environment. Ultimately, the firms that bring that additional team ethos create an X factor that is the key to long-term success. It’s also important to remember that the only place where success comes before work is in the dictionary!
WHAT ARE YOUR VIEWS ON YOUR OLD ALMA MATER TODAY? DO YOU THINK THAT TRINITY IS HEADING IN THE RIGHT DIRECTION? SHOULD TRINITY BE FLOATED?!
Trinity is an amazing brand and perhaps one of Ireland’s most enduring and international. The University punches way above its weight in almost all regards and I have been hugely impressed with the vision those managing the college have for its future. I’m not sure about flotation, but there are many ways to extract value from this extraordinary asset and, of course, not all of them are monetary.
The Trinity Access Programmes (TAP) is one that has captured my imagination and, when you meet some of the graduates from this programme, which I have had the pleasure of doing, it captures the essence of what education should be about. Those involved with the programme should be hugely proud of what they have achieved and I know they have big plans for its future.
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