Delaney's career change follows 18 years at Goodbody Stockbrokers, where the 45year-old money man was head of private clients. During that time he was heavily involved with Michael O'Flynn through Tiger Developments, a joint venture between Goodbody and O'Flynn Construction that owns a 650m property portfolio in Ireland, the UK and continental Europe. Delaney and Michael O'Flynn are directors of Tiger Developments.

Eamonn Glancy, chief operating officer at Goodbody, said Delaney's departure will not affect the AIB-owned stockbroker's close links with the O'Flynn brothers.

In a briefing for staff, Glancy said: "Goodbody's have and will continue to have a very close relationship with the O'Flynn Group. They are one of the biggest clients of the firm and we are very optimistic that this will remain the case, and, indeed, with Brian's presence, we hope to enhance this relationship."

The two O'Flynn brothers are ranked among Ireland's wealthiest individuals, with a personal fortune estimated at 110m. They have developed substantial retail space in Cork including Ballincollig Shopping Centre and the EastGate retail and business park.