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Dermot Desmond
Dermot Desmond (born 14 August 1950) is an Irish businessman and financier. He is estimated to be worth €2.04 billion and is ranked by the Sunday Independent as the ninth-richest person in Ireland.
Desmond was born in Macroom, County Cork in 1950 and grew up in Marino, Dublin. He was educated at Scoil Mhuire, Marino and Good Counsel College in New Ross. He left school in 1968 to work at Citibank in Dublin.
In 1968, Desmond's business career began with Citibank in Dublin, followed by Price Waterhouse in Kabul, Afghanistan. In 1981, he founded National City Brokers in Dublin. The company competed with already established stockbroking names in Dublin such as Davy's and Goodbody. Desmond sold the company to Ulster Bank in 1994, which at the time was part of the National Westminster Group, for a reported £39 million. Subsequently, as a result of Natwest's takeover in 2003 by RBS, NCB was bought out by its management with the support of former billionaire businessman Sean Quinn who was believed at that time to control 25% of the company.
Desmond was appointed chairman of the board of Aer Rianta in 1990 under the Charles Haughey government, but resigned in October 1991 amid the scandal over the purchase of the Johnston Mooney & O'Brien site by Telecom Éireann.
In 1995, Desmond founded International Investment & Underwriting (IIU), a private equity firm and his primary investment vehicle. It is located in Ireland's International Financial Services Centre (IFSC) at IFSC House and is regulated by the Irish Financial Services Regulatory Authority. Companies that are controlled through IIU include Daon, Inc. (a biometric enabling technology company). IIU Asset Strategies Limited is the hedge fund arm of the company, offering convertible bonds and equity funds.
In 1997, together with business partners John Magnier and J.P. McManus, Desmond purchased the five-star Barbados resort Sandy Lane Hotel. The hotel underwent a US$450 million renovation and was re-opened in 2001.[citation needed]
Desmond purchased London City Airport from Mowlem for £23.5 million in 1995. The investment was considered a large risk as London's Docklands was in recession and the neighbouring Canary Wharf development was in receivership. The airport has since become one of the more profitable in the United Kingdom. Desmond sold London City Airport in October 2006 for a reported £750 million to a consortium consisting of insurer AIG, GE Capital and Credit Suisse.
BETDAQ is the trading name of Global Betting Exchange, a betting exchange operator based in Ireland. It is the second largest betting exchange operator in the country. The company was founded in 2000 by Desmond and started trading in September 2001. Its headquarters are in the International Financial Services Centre in Dublin. Desmond sold BETDAQ to Ladbrokes for €30 million in 2013 and is a shareholder at the bookmaker as a result of the deal. In November 2021, Desmond bought BETDAQ back from the Entain group (owner of Ladbrokes Coral) for an "undisclosed sum".
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Dermot Desmond
Dermot Desmond (born 14 August 1950) is an Irish businessman and financier. He is estimated to be worth €2.04 billion and is ranked by the Sunday Independent as the ninth-richest person in Ireland.
Desmond was born in Macroom, County Cork in 1950 and grew up in Marino, Dublin. He was educated at Scoil Mhuire, Marino and Good Counsel College in New Ross. He left school in 1968 to work at Citibank in Dublin.
In 1968, Desmond's business career began with Citibank in Dublin, followed by Price Waterhouse in Kabul, Afghanistan. In 1981, he founded National City Brokers in Dublin. The company competed with already established stockbroking names in Dublin such as Davy's and Goodbody. Desmond sold the company to Ulster Bank in 1994, which at the time was part of the National Westminster Group, for a reported £39 million. Subsequently, as a result of Natwest's takeover in 2003 by RBS, NCB was bought out by its management with the support of former billionaire businessman Sean Quinn who was believed at that time to control 25% of the company.
Desmond was appointed chairman of the board of Aer Rianta in 1990 under the Charles Haughey government, but resigned in October 1991 amid the scandal over the purchase of the Johnston Mooney & O'Brien site by Telecom Éireann.
In 1995, Desmond founded International Investment & Underwriting (IIU), a private equity firm and his primary investment vehicle. It is located in Ireland's International Financial Services Centre (IFSC) at IFSC House and is regulated by the Irish Financial Services Regulatory Authority. Companies that are controlled through IIU include Daon, Inc. (a biometric enabling technology company). IIU Asset Strategies Limited is the hedge fund arm of the company, offering convertible bonds and equity funds.
In 1997, together with business partners John Magnier and J.P. McManus, Desmond purchased the five-star Barbados resort Sandy Lane Hotel. The hotel underwent a US$450 million renovation and was re-opened in 2001.[citation needed]
Desmond purchased London City Airport from Mowlem for £23.5 million in 1995. The investment was considered a large risk as London's Docklands was in recession and the neighbouring Canary Wharf development was in receivership. The airport has since become one of the more profitable in the United Kingdom. Desmond sold London City Airport in October 2006 for a reported £750 million to a consortium consisting of insurer AIG, GE Capital and Credit Suisse.
BETDAQ is the trading name of Global Betting Exchange, a betting exchange operator based in Ireland. It is the second largest betting exchange operator in the country. The company was founded in 2000 by Desmond and started trading in September 2001. Its headquarters are in the International Financial Services Centre in Dublin. Desmond sold BETDAQ to Ladbrokes for €30 million in 2013 and is a shareholder at the bookmaker as a result of the deal. In November 2021, Desmond bought BETDAQ back from the Entain group (owner of Ladbrokes Coral) for an "undisclosed sum".