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RORY GILLEN STUCK with his idea for years, even though he could see it wasn’t working.
The 57-year-old had just left Merrion Capital, the company he spent 10 years helping to build, to try to get his own business up and running.
During his last few years at Merrion, Gillen had organised a few training seminars on the side for people who wanted to get up to speed with the basics of investing.
He had also started a newsletter that people could pay to subscribe to and in turn get access to his website offering insights and tips on where to place their money.
After a buyout at Merrion led to most of the original founders leaving, Gillen thought it was time to try his hand at making a real go of his side project.
“I’d done 10 years there, I’d done my bit. I was ready to leave Merrion and the buyout was the catalyst,” he tells Fora.
“It was about being willing to take a chance. I was looking for a subscriber base for the newsletter, but the audience was very low, lower than I’d thought.
He adds: “Lots of Irish people have online stockbroking accounts, but people tend to know very little about investing, even if they do have online accounts.
“It was lean, and I probably pursued it longer than I should have had. I wasn’t getting enough subscribers. It gave me the message that either the product was wrong or there was no market.”
Change of plan
Gillen decided to switch track. While he didn’t have a huge number of subscribers, many of the people who did read his newsletter had asked to meet for one-on-one investment advice sessions.
Rather than teach people how to invest their own money, Gillen now focuses on investing it for them.
While he still offers the same services he did before – the newsletter and seminars – he took other staff on board so that he could offer a wealth management service. The move proved to be similar to his work establishing Merrion in 1999.
While Merrion had a backer, he and the company’s six other co-founders all put a big chunk their own cash on the table to get the firm off the ground.
“(Setting up Merrion) was a nervous enough time for me. We had all come from the institutional side of the business, so there was a flow of work, but it takes a while to get profitable and you always have doubts until you get to break-even,” he says.
Gillen had to take a chance once again setting up the newly-named Gillenmarkets, however this time its success or failure rested entirely on him. While the early days proved to be a struggle, the company’s fortunes have improved.
“I was surprised that the market (for DIY investors) was more under-developed than you could believe,” he says.
“But subscribers did ask for one-on-one sessions. What started out as a trickle became a torrent. The fact that people were coming down to me looking for hand-holding showed that the market didn’t exist.”
Dublin-based Gillenmarkets now employs 10 people, who are mostly involved in the money-management side of the business.
Risk-reward
In regards to the money-management side of its business, the company only deals with clients who have assets of €200,000 and up: any less, and it’s not worth the time.
Clients are charged 1% of the value of their fund: so if Gillenmarkets is handling assets of €200,000, it charges €2,000 for the year.
“We couldn’t do all the initial meetings, which take hours, draw up documents and do everything needed for someone with €20,000 or €30,000,” he says.
“If you think of 1%, and the number of times that you have to meet with someone and all the work that we do (it’s not worth it).”
The company invests and manages a client’s money according to their wishes: if they’re comfortable taking risks, they might give Gillen and his team carte blanche to invest in various equities.
If they’re more risk-averse, Gillenmarkets would likely focus on putting the money into things like government bonds.
“We wouldn’t say what returns we can make our clients. We would tell them what the markets are priced for,” says Gillen.
“You could say that markets are priced to deliver a return of 5% per annum in five years, but what happens over the next two is a bit of a lottery.
“You have to try to get them to understand (our role). It’s about getting balance and expectations in place.”
While Gillenmarkets will only accept clients with a minimum of €200,000 to invest, there’s no upper limit on the sums they commit – and many clients tend to have more.
Global
The company invests all over the world, focusing on “anywhere where there is a case”, according to Gillen.
Nevertheless, there are a few other companies in Ireland offering similar services to Gillenmarkets, such as Key Capital and Appian Asset Management.
However, Gillen says that the number of independent boutique asset managers offering similar services is relatively small and in reality the company is competing with insurance brokers, private banks and the private client stockbroking companies.
“As a group, independent boutique asset managers like us are a very small part of the overall pie at the moment,” he says.
“As we don’t charge upfront commissions on the delivery of our services, we can rightly claim that our interests are fully aligned with our clients.
“In our view, private client stockbrokers charging commissions of individual transactions, and insurance brokers and the private banks generating upfront commissions from investment products makes them sellers, not advisers.”
While the company is loss-making, Gillen expects that to change soon. The company made a loss of about €100,000 in the year to the end of March 2016 to bring its accumulated losses to just under a quarter of a million euro.
“We’re still about 12-18 months from a breakeven point, but the trend is correct,” Gillen says.
“You’re putting the cost in as you go along: there’s a high cost for two or three years, and you get clients after that. You have to put money in to get clients.”
As it looks to reverse its losses and expand, Gillen expects the company to continue taking on more clients and to grow.
“We see no reason that we couldn’t be the number-one boutique intermediary in Ireland,” he says.
“Our goal is to break even and then to decide how to get our message out there. There’s no ceiling on our growth.”
Asked what his motivation is for growing the business he says: “I can’t think of anything else new I would rather do. This is the vehicle. The aim is to get profitable and then see how big we can grow.”
This article is part of our weekly series examining the nuts and bolts of businesses. If you would like to see your company featured please email news@fora.ie.
Written by Paul O’Donoghue and posted on Fora.ie
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Contrived, as the SDLP said yesterday morning on rte radio fabricated. Nama.
home rule isnt contrived, its very very real
Contrived by current members of the PIRA involved in murdering someone.
As confirmed by the PSNI.
As denied by Sinn Féin.
Chief Constable of the Police Service of Northern Ireland stating last week that current PIRA members were involved in the recent murder:
Have a read Pearse.
He also said that the PIRA still existed, but added that its leadership did not sanction the killing.
Mr Hamilton also said it was not the job of police to monitor the activity of paramilitary groups.
Mr Kerr said there was no terrorist command and the IRA was not involved in terrorism. “It is involved in pursuing an exclusively peaceful, political agenda,” he added.
did you also read this part of his statement?? LOL, you Buffoon
Assistant Chief Constable Will Kerr told board members that while the PIRA still existed it did not create a threat to national security.
- don`t forget this little nugget of information either.have a good day now, don`t choke on your toast.
will any of that rant reverse home rule?
Rant?.Rant??……. Are you looking for something that isn`t there billy? My “Rant” is copied DIRECTLY from the article that dermo posted, nothing more – Now get down off your high unicorn, before you hurt yourself.
Diarmuid – NAMA Payoff Investigation of the £7Million comes to mind , to one of your Party’s – UUP or DUP buddy’s ?
You truly are boring and spout the same nonsense everyday. I’m glad to see though your outnumbered 10:1 in most of your rants. I never voted SF before but most likely will this election as anyone is better than FG, LAB are finished anyway. I’d take FF back too over this lot.
that’s for you Diarmuid
Guys, this new claim was dermos ‘hat trick’ (the third spoof he was caught telling in the same day) last night. For those who missed it….
@dermo: “Chief Constable of the Police Service of Northern Ireland stating last week that current PIRA members were involved in the recent murder:
You accused me of lying earlier for stating this very fact. Eek.”
Well you managed to do it dermo, a hat trick of spoofs the same day.
Your link to the DOB owned rag the Belfast telegraph only states that the PSNI chief stands by his earlier assessment, but nowhere in that assessment does he state that “current PIRA members were involved in the recent murder:”
New low snowflake, 3 lies, one day. A new personal best.
But please, prove me wrong by backing up your claim. Where in the PSNI chiefs statement does he claim that “current PIRA members were involved in the recent murder”
little late for all that jamsey, the north government has collapsed, its home rule chum. get with the program
Dispute the Chief Constable’s own words now James Connolly?!
Plenty more links to his actual words by the way, confirmed only a few days ago.
Attach the Belfast Telegraph, just like you’ve attacked the Irish Times, the Guardian etc
Getting desperate, shinner troll?
*attack
Did your bible An Phoblacht quote the Chief Constable differently?!
Any reply to what i posted Dermo? – where I pointed out what the PSNI chief abd assistant chief stated? – lifted directly from the link YOU gave, good to see that you have selective amnesia when it comes to cherry picking what you want to be seen as fact, but then your “Facts” are totally pulled apart in a second.
no-one believes you anymore, so away with you – move on to the next topic that you want to spin.
Diarmuid I’m beginning to think you are a shinner in disguise…you have done more for the republican movements cause than anyone on the journal!
Thanks you big ape ;)
@ dermo the spoofer: “Dispute the Chief Constable’s own words now James Connolly?!”
It’s your words that I’m disputing
At your convenience , post the ‘Chief Constable’s own words’ where he states that ‘current PIRA members were involved in the recent murder’, as you claim.
The transcript of his assessment is readily available, should be easy enough for you to find the quote…
Billy, I think you need today look up what home rule means.
Billy is just a silly little YFG troll who doesn’t know his history.
I’m PBP all the way
Why does it still exist AT ALL!!
I am a zed that SF supporters are falling over themselves to quote the PSNI CC , if had said something different we would be hearing that it’s the old RUC or the B Specials etc etc!
Assessed by PSNI not confirmed. Major difference.
Have you read the article yet King Shinnerbot “For Connolly”?
Have a good read there. A mhic.
I love people like you say that, claiming “I never voted SF before” or “I voted FG/FF/Lab before but I never will again”. It’s pure and utter BS. No sane person would ever drift toward SF unless you really are rooted in a working class hellhole and are choosing to blame everyone else for your predicament.
I come from a ”working class hell hole”. I also have two degrees. Nice one mate.
Mary Lou came across fairly well on Ptrime Time last night. She had Nesbitt on the ropes and he floundered to the point of sounding desperate.
“walkout is a ‘contrived crisis’”. And Mary Lou walking out of the Dail and holding it to ransom as a distraction technique during the Cahill affair wasn’t? Lol!!
What a hypocrite.
mary lou the master of a contrived crisis
Nesbitt didn’t think the DUP would risk collapsing it while he gathered up some publicity for the UUP.
The DUP didn’t want to be seen as soft on the Irish Papists, as that is a death knell for a Unionist party.
It’ll blow over in a few months.
Clearly no murder can be classed as a stunt . However, if the police had hard evidence on Storey why has he been released without charge and not banged up in police custody to appear in court next available day ?
That’s what should happen as opposed to allowing a dangerous murderer back in the street .
What is a pure political stunt is Robinson and his wee pixies throwing the dummy out the pram and repairing to the nearest tuck shop to buy sweets with the taxpayer’s cash. You could certainly never apply the epithet of “statesman” to him or any of his ilk. Robinson just goes through the motions so why not GTF and allow new blood the future of Ireland to flourish and ex done with his brand of outdated backward looking so called politics. Perhaps it’s time Robinson spend more time with his family ?
Everyone should listen to Seamus Mallon on Newstalk this morning. 25 murders since the ceasefire. Widespread criminality by the retirees. It’s time to stop and face them down. Yes the 2 unionist parties are playing into the hands of the anti agreement republicans. They have been given all the ammo by Sinn Fein and their lack of credibility.
Mallon was very good in that interview. He was very balanced.
Wasting your time Liam.
The majority of posters on this forum only listen when someone says SF are a 100% right and everyone else is a 100% wrong.
Cult-like if you will.
The PSNI are stating that current PIRA members, the military wing of Sinn Féin, are suspects in a violent murder.
Simple stuff.
Its all getting to be a little bit pathetic at this stage now. People want peace and progressive policies not this establishment sabotage strategy. If their so better than SF why are they so scared shouldn’t 90 years of political domination and their policies be enough to make it a fair fight to cover the country. On the ropes because they have never properly challenged. The Unionists have abandoned their mandate to those who elected them to deflect their own misgivings now they want to collapse the peace treaty . Why ? Childish foolish egotistical politicking.
Ulster Unionism knows that it can’t survive long term having fenains and taigs in power.
Every move is a desperate attempt to return to the way the North was pre peace process, when they were in charge, heavily armed and making all the decisions.
Very shortly in Stormont, the first Minister will be a SF MLA.
Unionism’s belief that the North exists for their benefit alone will be shaken to the core. The North was established so they could maintain ancient dominance and a system that only existed in the colonies in Africa in Western Europe.
Why is home rule an option? If a party resigns the other parties should take up the slack. Clearly they dont want to rule their own people.
it would resemble north korea
Sorry I should have said direct rule from London
I mean to say it would be the same thing if London ruled directly. The majority of the people didnt vote for that.
Northern Ireland politics unlike politics in the rest of the UK and ROI is run on a sectarian headcount. The unionist majority at Stormont lead by DUP is potentially in danger of losing its mandate to lead unionists after the next Assembly elections (scheduled for May 2016). If the DUP loses 25% of its support to the UUP then it will no longer be the biggest party on the north leading to probable turmoil when SF takes over the role of First Minister and majority party in NI government. My guess is with the realization of SF becoming the majority party in the next Assembly, unionists along with UK Conservatives will make the NI assembly unworkable and return it to direct rule from Westminster. Sinn Fein on the other hand are doing themselves no favours by not taking their seats at Westminster where they could create genuine support from UK Labour and the SNP.
I would agree with that Chris.
When a member of SF or the SDLP is first Ministers in the North, Unionism will walk.
The boast of Unionist leaders for years that there was no Catholic in Stormont bar the cleaners.
The UUP nearly destroyed itself by agreeing to sit in Govt. with members of the nationalist community in the 90s.
Unionism would still have a Minister with the same power but he wouldn’t be called first Minister. They would see that equal but lack of title as being like an Afrikaner pouring the tea for his black employer.
It would start the end of Unionism.
SF will never take seats in Westminster. The SDLP have shown how pointless that is.
If SF want to talk to Cameron they phone him directly.
The SDLP submit a letter and hopes he gets back or has him read a pre-prepared answer from a civil servant.
@ John Lennox, On what do you base your claim that Unionists “will walk”? Where will they walk to? Experience in Councils of SF or SDLP mayors or majorities indicates that this does not cause them to vaporise. The contradiction of amateur republicanism is that pouring scorn, contempt and hatred upon those with whom they claim they wish to be united makes that possibility less likely. Stoking up of sectarian bitterness is the strategy from which all lose. Your statement on the UUP in the 1990s is not wrong but that is not now and doesn’t need to be the future.
Terry, it doesn’t take a genius to know that the ‘no surrender’ Unionists will never bow to a SF/SDLP first minister. They would rather tear NI apart than let it happen, has history taught you nothing about these people. Westminster will have to find a compromise.
Chris, you are quite correct that the “no surrender” unionists will never bow. You should not presume however that all unionists are locked in the slogans of a century ago. I have never been a Paisley fan but you must have noticed that even the late Dr No No No eventually said yes and became one of the Chuckle Brothers. Many of us said that such things were impossible but we were wrong. While history is history, it does not have to determine the future.
It’s a stunt period. If he resigns as FM how can he simply appoint Foster in his place ?
Surely his deputy should deputise and assume the position of FM until a suitable replacement can be found . That is one that wishes to accept the post and serve ALL the people !
Therein lies the issue as these unionists cannot get used to the notion that it is no longer their Stormont and that “Ulster is a Protestant place for a Protestant people ”
That is because they have no intention of being inclusive. Speak to the ordinary Joe and they will tell you Stormont is an expensive talking shop and no more than “Ulster’s Town Council” really but they all want their snouts in the trough. The statelet is hugely over governed and should be reformed or closed down altogether . The cost to the taxpayer far outweighs the benefits if the current debacle is anything to go by . These MLA’s should be told to govern or get out and allow someone with a bit of brain and vision to take over
Mind you as long as Cameron may need to rely on the Unionists as lobby fodder in the Commins nothing will change to alter their hegemony . Look at Major’s dying days in government
i wouldnt call IRA murders a ‘stunt’
Whatever about contrived, certainly choreographed. The issue according to Peter Robinson was the arrest of Bobby Storey, of which he let slip he had prior knowledge. So then the DUP resignations had to happen before Bobby Storey was released. The DUP have attempted to collapse the assembly on a premise that no longer exists. Why are leaders not calling on them to re enter now that Bobby Storey is no longer in custody
Maybe Storey was arrested so as to give the DUP the pretext, who knows.
It wouldn’t be the first time it happened in the North in the last 15 years.
This time let them ruffle the feathers, agree some changes and carry on again.
The DUP have to play their game to ensure that the UUP do not usurp them via playing theirs.
and meanwhile, the political genius Kenny and his now side-kick Martin, sit on the fence. Have they talked to their good friend Mairia Cahill lately or is she not returning their calls. Fools.
Listen to the Seamus Mallon interview.
Billy twaddle…more like
I genuinely hate to agree with something from the mouth of the baron but yes, it is all contrived, and Ends has jumped on board with this as will all those whose support is significantly threatened by the dealignment of politics throughout Ireland.
Fair play to the SDLP for not following the FG line, difficult I’ve no doubt for the Doctor whose political career was assisted by a dig out from H. Kenny a long time ago but, perhaps they recall the voices which met them in 1981 when their, then, mid-Ulster member, Currie, pressed them to stand a candidate in FST following the death of Frank Maguire MP, election coming, they’re perhaps now more open to voting PAC s with the other Irish party in the six counties to deliver for the irish people living in this part of Ireland.
The SDLP’s weakness that it is always jumping to what other parties expect and want rather than setting its own path and confidently walking it.
I’m not sure John, being absolutely Frank, their party leader would have had a very difficult job persuading certain elements, even in his own constituency, to reject adjournment, even his old friend enda wanted this, so I think, finally, common, practical, political reality has dawned upon the SDLP fair play, it’s taken some time but, with this they may now rebuild some support within their core constituency rather than simply attempt to appeal to ‘soft’ unionism in certain areas, it might just be the reaffirmation of republicanism this particular party needs.
With such this is not jumping to the demand of others, it’s really just rejecting the political deviance of Nesbitt and MacSpiddog and Fine Gael.
BTW, I’m no fan of SDLP
This is unionist/loyalist infighting. Supported by a fabricated arrest of a Sinn Féin member released unconditionally with no evidence against him. Also, just hours before Peter Robinson and other DUP amadáns resigned, coincifemce?
SF in government brings absolute chaos, the people of the republic should take note
LOL, delusional, not everyone thinks like you billy, thank god , some of us have woken up and are smelling the coffee bein brewed – scare tactics don`t frighten us anymore
those transfers SF are so desperately seeking are slipping as the seconds go by, the shinner bluff has being well and truly called. in fairness it no wonder the shinnerbots are absolutely livid spewing their venom at anyone who questions their beloved shinners
only venom i see here this morning Wiggle, is yourself and Dermo…as usual.
its not going to go well for them in the south is it. shame that
Well, some people would disagree with you there billy, Actually it is going better than they could have hoped for, End`s party political party broadcast on RTE Radio this morning only made him look more like a fool, He couldn`t even answer the questions properly that were scripted for him..
any active IRA aint going to do transfers any good now is it
It’s going to do it wonders when they are involved exclusively in a peaceful and political process while the unionists are trying to pull the peace process down. While FG/Lab align themselves with the DUP/UUP scaremongering they are just herding people towards voting for SF.
Adams will not fool anybody with his doublespeak except, of course, his loyal supporters. It is a little bit hypocritical of us in the Republic to expect Unionists in Northern Ireland to sit with this mob when no party with any self respect here would touch them with a barge pole.
Nice try Pat, but the dogs in the street know that his whole walkout BS is to try and scupper support for SF, who will almost certainly play a big role in the next government in the Republic. I’ve never voted for them before, but i say let them try. They’re clearly committed to the peace process and won’t be pushed around. Maybe they will actually manage to strike a better deal for the average citizen. This fiasco may be beneficial to SF as it offers a platform to redouble its commitments to peace. I suspect that this ‘crisis’ may backfire on these who created it. Not looking at anyone DUP, FG.
Even Unionists are nonplussed by this, well the ones who aren’t frothing at the gills over Irish Catholics in a Govt. building.
It is a non-crisis crisis but people see that the game has to be played so the DUP can fend off the UUP who are trying to make a name for themselves.
Tap you are lying to yourself dude and thats really sad…you know as well as anyone that this was contrived and so does everyone else…
these people are elected and overpaid to govern.any time there is trouble the call in the two governments,and yet they want to govern themselves. it they cannot do the job step aside and let someone that can in.
How is home rule treating the shinners today?
SF in government brings absolute chaos, that is now perfectly evident for all the people of the republic to see
On the contrary, Wiggle – it has shown the absolute opposite, the last few days of “manufactured outrage” designed to hurt Sinn Fein, has probably handed them another 50,000 votes, way to go lads, shooting yourselves in the foot again
why are they so upset so :D
They are not upset, they are leaving that to you, the keyboard warriors, you are the ones throwing rattles out of prams this morning, not them.
still no crisis? its getting tragic now from the shinners :D
You’re wasting your time Pearse Kenneth/Mr. Mr. Gilhooley/Billy Wiggle/Gerry’s Beard is a troll, as you can see spams the forum with nonsense.
Agreed LesBehan – He is getting boring and predictable now, an absolute joke of a commenter – so focused
on producing bile at this stage, that people are ignoring him, a body can only take so much BS before the mind closes down to it, he`ll be back to answer it in a minute with more pathetic, manufactured bile
Eat shit and die kenny
Nothing more than converged common interest in Republic’s 2016 GE by Unionists and FG/LB/FF. Imagining SF in government is unpalatable. So why not go to the playbook that is dusted up every GE to wise the public up to the SF oul IRA origins n deep umbilical cord connections? It has always scared the beejaysus outta voters in the Republic. Will it work this time though? I don’t think so..not as effectively anyway, judging by new voting demographics, independent news and opinion sources available to younger voters now. In fact even if SF owns up to IRA existence, loads of Irish younger voters will see that to be cool. It is the equivalent of Corbynism over here. A new badge of honour to stick it up to the political elites and their hapless parties..loads would have love to hear Pearse and Gerry Adams say ‘feck off’ to grand old ECB Trichet when he made the bomb warning call to Noony n Endy…
Riiiiight Gerry. As always SF have no questions to answer.
They are the real victims here.
The Queen of England is the Queen of bullshit.
The Queen of Ireland is the the the bullshitter Gerry Adams.
time for the old guard to retire on both sides,get new people in.
have your say