A senior portfolio manager at Garda Capital Partners in Switzerland, Peter McGarry’s Townbe Unlimited has raised the ire of anti-immigration protesters for providing housing for asylum seekers
Gardai confront protesters in Coolock in north Dublin in July during disturbances outside the former Crown Paint factory. Photograph: Colin Keegan/Collins DublinPeter McGarry has made tens of millions of dollars betting on how the bond markets would react to one geopolitical event after another. Now he’s being swept up in one: the anti-migrant sentiment roiling Europe.
The Apprentice controversy: Donald Trump and the ‘toughest, meanest, loyalest, vilest’ lawyer in the USJosh van der Flier: ‘I’m very blessed that I’m still going. Hopefully I can be like Cian Healy’The reliance on for-profit accommodation providers like Townbe has become contentious: migration rose to the top of the list of voters’ concerns in advance of a general election that must be called by March.
Paul Collins, one of McGarry’s partners in the Townbe business, told a documentary on RTÉ last month that he has left Ireland for his safety. He declined to comment. That plan was upended by an influx of Ukrainian refugees, along with greater numbers of people arriving from countries including Jordan, Nigeria and Pakistan. A record 75% of the 32,000 asylum seekers in Ireland are now in “emergency” housing compared with 56% at the start of 2023, according to public data.
In a December presentation aimed at the “savvy investor” who might want to buy an Irish hotel, global law firm DLA Piper cited asylum seekers as a reason for the sector’s “continued high demand and strong performance”. Both Coyle and Pepper are planning to run in the general election. Coyle has called for a 12-month ban on all migration into Ireland. He is part of a collective called the National Alliance that summarises its approach to immigration as “Ireland belongs to the Irish”.
Not all of McGarry’s trades were successful. He left BlueCrest Capital, then one of the world’s biggest hedge funds, in early 2015 after the firm suffered losses on wrong-way bets linked to the Swiss franc.
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