Pat Butler joins UK insurance group Resolution as partner

RESOLUTION, the UK insurance group founded by Clive Cowdery, has appointed Irishman Pat Butler to a senior role.

Butler is joining Resolution as a partner and will be responsible for overseeing restructuring and acquisitions for the London-quoted company. Cowdery, one of Britain's richest men, has been on a spending spree in the last few years, buying the UK insurance arms of Friends Provident, Axa and Bupa Health Assurance. UCD-educated Butler joins Cowdery from McKinsey, where he headed the management consultants' retail financial services division in Europe.

"I am delighted to be joining the [Resolution] team as it seeks to conclude the acquisition phase of the UK life project and drive value from the acquired businesses in preparation for its successful completion, and looks to originate new projects," Butler said.

Kelleher US home on sale for €12m

Developer Garrett Kelleher of Shelbourne Development has put his Chicago home up for sale with an asking price of $16m (€12m), according to local reports. The developer bought the house on North Astor Street for $8.5m in 2007, the reports said. The brownbrick house's asking price makes it the most expensive house currently on sale in the city of Chicago.

BoI in High Court move against Brian O'Donnell and wife

Bank of Ireland has lodged High Court proceedings against solicitor Brian O'Donnell and his wife Dr Mary Patricia O'Donnell and against at least one company linked to the duo.

An application to have the cases heard in the fast-track division of the High Court will be heard tomorrow.

The O'Donnells own substantial property interests in Washington, London and Sweden. Bank of Ireland appointed a receiver to their Avoca Properties vehicle just before Christmas.

The duo's Vico Capital put its Sanctuary Buildings in Victoria in London up for sale last October with an asking price of £180m. Vico bought property worth more than £600m between 2005 and 2007.

UCD issues tender for €90m loan to develop facilities

UCD has issued a tender seeking the provision of a €90m capital loan that will be used to part-finance new academic facilities, a new student centre and student residences over the coming three years. The university, whose president is Dr Hugh Brady, said the loan had no relation to its Gateway complex plan, which involved a hotel, offices, new student housing, a medical centre and multi-level car parking.