AIB has centralised control of its non US asset management operations in London under the chief executive of the John Govett operation. The Dublin based AIB Investment Managers (AIBIM) and the London based John Govett operation will report to a new holding company, AIB Asset Management Holdings.
John Govett chief executive the Hon Kevin Pakenham has been appointed chief executive of the new holding company.
Dublin based AIBIM manages investment funds of £5.5 billion, mainly institutional pension funds, while John Govett has about £3 billion under management with a strong presence in Far East markets.
The restructuring to integrate the two funds management operations follows the acquisition of John Govett. Mr Pat Cunneen, the current managing director of Dublin based AIBIM, has been appointed vice chairman of the new holding company. It is understood that Mr Cunneen will not relocate to Britain but that his new position will involve considerable travelling. He will be responsible for the strategic development of asset management and will report to the Hon Pakenham.
Mr James Joll, a non executive director of Equitas Holdings and The Economist Newspapers Ltd and a former executive director of Pearson, is the non executive chairman of the new holding company.
In a reorganisation at AIBIM in Dublin, current general manager Mr Maurice Harte will became managing director and a director of the company. Mr Joe Costello is stepping down as investment director to become director of policy research, reporting to Mr Harte. The current deputy investment director Ms Eileen Fitzpatrick will become investment director.
The AIB group has total funds under management of about £14 billion, with about £5.5 billion in the US. Funds management is seen as a strong growth prospect with the potential to provide a significant fee income for the group.
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