Owner of former AIB subsidiary to offer shares to staff

 

Management and staff at the former AIB Investment Managers will be offered shares by their new South African owner after 12 months within the group following its listing on the Johannesburg Stock Exchange on Monday.

Carey Millerd, deputy chairman of Prescient Holdings, which acquired AIBIM in May, said management and staff in the Irish firm would be offered shares in the South African firm “in due course” under its incentive programme.

Prescient Holdings was listed on the exchange through a reverse listing into PBT Group, previously Prescient Business Technologies.

Mr Millerd said that management and staff at Prescient own about 70 per cent of the company.

The listing of the company would help grow the business, raise its profile in the retail and private wealth management sector and assist in attracting and retaining staff by offering them shares in a public firm, he said. The transparency and corporate governance requirements as a publicly quoted entity would make the company “more readily available” to the public, he said.

AIBIM was renamed Prescient Investment Managers (Ireland) after the purchase of the firm.