Buyers of BoI asset arm settle into new surrounds

BANK OF Ireland Asset Management has moved into new offices in Dublin five months on from its €57 million acquisition by State Street Global Advisers (SSGA).

This week, Greg Ehret who heads SSGA’s activities in Europe, the Middle East and Africa, was in town and expressed his satisfaction with the deal.

“There have been no significant client defections, we’ve actually added business,” he said.

SSGA’s plan for the business is two-fold: get a bigger slice of the €80 billion Irish pensions market and sell Biam’s products and services to its clients overseas.

The Biam name has been dropped with the asset manager now using its parent’s brand.

“We think the Irish market is ready for change,” Ehret said.

Ehret also wants the Dublin business to once again target the US pensions market.

Biam was the jewel in Bank of Ireland’s crown but some high-profile staff defections and poor investment returns resulted in its assets under management roughly halving to about €24 billion.

Ehret said past difficulties did not weigh on his decision to acquire the business.

“We thought the management and culture had changed,” he said. “They’re now coming out with some very good three-year numbers.”

Its difficulties in the last decade were a “hiccup” and he feels SSGA got it at a “good price”. But it won’t be looking at AIB Investment Managers, which is currently on the blocks.

Wasn’t he put off by Ireland’s “wild west” reputation?

“We’re no strangers to Ireland . . . we’ve had a long-term connection to the country. It was actually a pretty easy decision to make . . . there’s a deep talent pool here. I’m very pro-Ireland. It’s a good place to do business.”