Goodbody Stockbrokers has poached senior banking analyst John Cronin from its Dublin-based rival Investec as part of a broader plan to provide clients with comprehensive coverage of UK financial stocks.

Mr Cronin resigned his position as head of financials research with Investec on Monday and is set to take up his new role in October. He is expected to lead Goodbody’s coverage of UK banks as it seeks to broaden its financial coverage from the Irish market.

It has already successfully adopted a similar strategy in other sectors, including airlines, food and beverage, and gaming and leisure.

Goodbody is expected to announce additional hires for this team later this week, possibly including another member of Investec’s research team.

Goodbody's financials and corporate credit research will continue to be headed by Eamonn Hughes, who has been with the stockbroker since 2004. Mr Hughes leads its coverage of Irish financial stocks.

The broker is likely to have a busy year ahead on the banking front, with the fallout from the Brexit vote and the anticipated stock market IPO of AIB by the Government in 2017.

Advisory role

Goodbody is widely expected to have an advisory role with AIB for the IPO. It was owned by the bank until 2010, when it was sold to Kerry-based financial group

Fexco

.

Mr Cronin joined Investec in March 2015 and carved out a significant profile from his coverage of Irish banks and listed property Reits. He had worked for the National Treasury Management Agency for 17 months, which involved a secondment to the Department of Finance's shareholder management unit responsible for the State's interests in AIB, Bank of Ireland and PTSB.

He had also been on secondment to the department from AIB for two years from November 2011. He joined AIB in 2005 having worked for BNP Parisbas and PwC.