Brian McCarthy: founded Co Kerry-based financial services group

RETAINED profits at Co Kerry-based financial services group Fexco nearly doubled to €190m in 2009 after it sold its money-transfer division.

The company's retained profits were up from €97m in the previous year, according to a summary balance sheet posted on the company's website this weekend. Fexco is not required to publish detailed accounts as it has unlimited liability status.

Fexco's coffers were boosted to the tune of €123m when Western Union bought its money-transfer business. The company said in the balance-sheet document that it was in a "very strong financial position". Fexco declined to comment further on its financial performance.

According to the balance sheet, Fexco had little debt on its books and had cash of €136m at the end of 2009.

The company last September agreed to pay €24m to buy Goodbody stockbrokers from AIB. More than two dozen jobs were cut from Goodbody earlier this month and a similar number is expected to go in the coming weeks following a review of the business. Fexco has an existing stockbroking arm and it isn't known whether it intends to close its Dublin office and merge it with Goodbody. Both brokers also have offices in Cork and it is possible that one of them may shut.

Fexco is also expected to name a new chairman of Goodbody in a few weeks to replace Mon O'Driscoll. O'Driscoll is head of AIB's investment banking division.

Fexco, founded by Brian McCarthy, has more than 1,300 employees worldwide.