State Street Global Advisors (SSgA) announced on October 22 that it has agreed to acquire Bank of Ireland Asset Management (BIAM).
Pending regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2011 or earlier. When the deal is complete, the BIAM operation in Dublin will become State Street Global Advisors Ireland Limited.
With approximately € 26 billion in assets under management among more than 500 clients as of Sept. 30, 2010, BIAM is a leader in the Irish market.
“This acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management,” said Scott Powers, president and CEO of SSgA. “As our clients look for more solutions-driven investment management strategies that span the risk spectrum, the addition of this team and capabilities will enhance our ability to deliver on these needs. Like SSgA, Bank of Ireland Asset Management’s investment philosophy is rooted in a disciplined, team-based approach and has a strong track record of excellent performance. We look forward to building on this track record and extending its capabilities to our global client base.”
Chris Johns, currently the interim CEO and chief investment officer of BIAM will be named SSgA chief investment officer for fundamental active equity and will report to Rick Lacaille, SSgA’s global chief investment officer.