AIB's fund administration and custody arm, AIB Securities Services, has formed a joint venture with the Bank of New York (BNY) to administer offshore fund assets exceeding $7 billion.

AIB has had a fund administration alliance with BNY, one of the world's largest global custodians, for the last three years but this has now been formalised in a joint venture.

"This is a practical development, geared to significantly enhancing our market positioning in a particularly competitive global market," said Mr Colm Doherty, AIB's head of investment banking.

BNY said the joint venture enables the two banks to combine their regional, product and technology strengths. AIB/BNY Fund Management (Ireland) Ltd say they will offer overseas fund sponsors a comprehensive global service from Dublin and provide all necessary services for worldwide investment companies who want to set up in Ireland.