Bank of Ireland Asset Management is in “serious negotiations with a global third-party financial institution” to sell the fund management business, confirmed spokeswoman Anne Mathews.
BIAM’s parent company, Bank of Ireland, had announced plans to sell the unit last week as part of a broader proposal to meet European Commission antitrust regulations after receiving a state bailout. Ms. Mathews declined to provide additional details about the negotiations.
The manager had been put on the selling block in 2007, but the talks ended around the time of the collapse of Lehman Brothers in September 2008. Then the parent company’s troubles also plagued the money manager, intensifying asset outflows that began before the financial crisis. As of Dec. 31, BIAM had €25 billion ($38 billion) in assets under management.