Hibernian Investment Managers (HIM) confirmed today that its London based parent company is conducting a review of its fund management business in Ireland which employs 59 people in Dublin.
The review of the Dublin operation by Morley Asset Management is expected to last another six to eight weeks and comes at a time of widespread consolidation in the fund management industry.
HIM declined to comment on the likelihood of job losses or even closure of the Dublin operation until the review is completed and any staff affected have been informed.
Morley is the asset management arm of Hibernian's parent company Aviva. Earlier this month Aviva cut 900 jobs in Britain at its Norwich Union business. The firm blamed increasing competition in a business that has been hard hit by the worst bear market for a generation.
There has been widespread consolidation of fund management expertise into the major trading centres of the world in recent years. Thus enabling companies with worldwide operations to benefit from economies of scale, to reduce business costs and to improve customer service.
Hibernian Life & Pensions and Hibernian General Insurance, which together employ 1,800 staff in Dublin, Cork and Galway and at 32 Hibernian branches around the country are not affected by this review. The main business of the company also remains unaffected.