Ifsra, the financial watchdog, authorised the company on January 26 under section 10 of the Investment Intermediaries Act, a little more than 2½ years since it lodged its original application.
This allows it to offer investment advice and discretionary portfolio management services to investors.
The company is thought to be planning to launch a hedge fund.
It is understood that Ashmore recently stepped down as a director of Pilot View Capital to help smooth its application.
Meanwhile, Johnny Fortune, an experienced corporate financier and former chief financial officer, joined the board of the company.
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Ashmore left Goodbody in 2001 to set up Pilot View Capital with Gerry O’Reilly, another former Goodbody employee, and Paddy Shanahan, an experienced stockbroker and corporate financier.
He claims that Goodbody, his employer of 15 years, frustrated Pilot View Capital’s licence application through a reference given to Ifsra relating to his time with the stockbrokers.
It is common for the regulator to seek references from former employers for senior executives setting up new investment businesses.
Ashmore is suing Goodbody in the High Court for three years loss of earnings and has joined Ifsra in the action. Goodbody denies this charge and is expected to mount a vigorous defence. The legal action does not involve either O’Reilly or Shanahan.