Early Life
Dermot Desmond was born on July 14, 1950, in Macroom, County Cork, Ireland. He spent his childhood in Marino, Dublin, and received his education at Scoil Mhuire and Good Counsel College in New Ross. His early career began at Citibank in Dublin in 1968.
Rise to Success
Desmond's career is marked by a series of successful business ventures. In 1981, he founded National City Brokers (NCB) in Dublin, which became Ireland's largest independent stockbroker. He later sold NCB to Ulster Bank in 1994 for £39 million. In 1995, he established International Investment & Underwriting (IIU), a private equity firm that serves as his primary investment vehicle. Through IIU, Desmond has made numerous successful investments in various companies. He also purchased London City Airport and sold it for a significant profit. Furthermore, he is known for his involvement with Celtic F.C., where he is the largest individual shareholder.
Key Business Strategies
Desmond's key strategies involve identifying and investing in promising ventures, with a focus on finance, aviation, real estate, and sports. He is known for strategic acquisitions and investments. His approach emphasizes long-term value creation and active management to enhance profitability.
Philanthropy
Dermot Desmond is known for his philanthropic efforts and support of various charitable organizations, particularly in education, healthcare, and sports. He is also involved with the RESPECT organization, which works to improve the lives of people with intellectual disabilities, and the Daughters of Charity Technology, Research into Disability Research Institute (DOCTRID).