Dermot Desmond is the Irish owner and founder of International Investment & Underwriting, a leading private equity and investments firm based in Ireland. With a net worth of $1.8 billion, he is currently the 8th wealthiest person in Ireland.
Using his experience in the financial world, Dermot began his path to billions by setting up National City Brokers (a stock brokerage firm) in 1981. He later sold this outfit for a whopping $39 million. He then set up the giant International Investment & Underwriting. What’s more, he also has large stakes in Datalex (an online travel solutions firm), Mountain Province Diamonds (a Canadian mining firm), Barchester Healthcare (care homes), Sandy Lane Hotel in the Barbados and Celtic Football Club.
Over the years, Desmond has at times come into the limelight for unpleasant reasons; his name having come up in a number of complicated financial dealings in Ireland. However, he has always maintained his innocence of any wrong doing. Notwithstanding, Desmond is doing his part to make a difference in the society: he is the current chairman of RESPECT, an Irish charity that cares for people with intellectual disability.
In addition, he made what he termed as “an emotional investment” and along with Fergus McCann bailed out Celtic Football Club from difficult financial times. Desmond is also the brains behind the International Financial Services Centre, a financial services hub in Dublin, Ireland, that boasts of over 32,000 direct employees and more than 500 firms.
Dermot is married to Pat Desmond (née Brett) with whom he has four children: Zoe, Brett, Ross and Dery. He is also an ardent golfer (so much so that Sandy Lane Hotel, which he owns, has three spectacular golf courses). Desmond has various residences in Ireland, Gibraltar, Switzerland, the United Kingdom and Barbados.