SSgA to Acquire Bank of Ireland Asset Management
22 October 2010 Boston
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State Street Global Advisors (SSgA), announced today that it has agreed to acquire Bank of Ireland Asset Management (BIAM) for consideration of approximately EURO57 million inclusive of estimated net assets of the business of EURO14 million.
Pending regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2011 or earlier. State Street expects the transaction to be slightly accretive to 2011 earnings, excluding one-time costs. Upon closing of the transaction, the BIAM operation in Dublin will transition to State Street Global Advisors Ireland Limited.
With approximately EURO26 billion in assets under management among more than 500 clients as of September 30, 2010, BIAM is a recognized leader in the Irish market offering a broad range of investment solutions to institutional investors and intermediaries including global fundamental equities, fixed income, cash, asset allocation, property and balanced funds. Upon closing of the transaction, more than 120 employees of BIAM are expected to join SSgA in Dublin.
"This acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management," said Scott Powers, president and chief executive officer of State Street Global Advisors. "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."
With this acquisition, SSgA will add Dublin as its 10th global investment center from which investment teams manage client assets. SSgA offers a broad range of investment solutions covering every major asset class, capitalization range, region and style.
Chris Johns, currently the interim chief executive officer 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.
State Street has had a presence in Ireland since 1996 and has grown to be one of the country's largest fund administrators and custodians. State Street currently has approximately 2,000 employees in Ireland and has offices in Dublin, Drogheda, Kilkenny and Naas. Earlier this year, State Street announced the opening of its new 165,000 square foot Irish headquarters at Sir John Rogerson's Quay in Dublin.
Pending regulatory approvals and other closing conditions, the transaction is expected to close in the first quarter of 2011 or earlier. State Street expects the transaction to be slightly accretive to 2011 earnings, excluding one-time costs. Upon closing of the transaction, the BIAM operation in Dublin will transition to State Street Global Advisors Ireland Limited.
With approximately EURO26 billion in assets under management among more than 500 clients as of September 30, 2010, BIAM is a recognized leader in the Irish market offering a broad range of investment solutions to institutional investors and intermediaries including global fundamental equities, fixed income, cash, asset allocation, property and balanced funds. Upon closing of the transaction, more than 120 employees of BIAM are expected to join SSgA in Dublin.
"This acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management," said Scott Powers, president and chief executive officer of State Street Global Advisors. "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."
With this acquisition, SSgA will add Dublin as its 10th global investment center from which investment teams manage client assets. SSgA offers a broad range of investment solutions covering every major asset class, capitalization range, region and style.
Chris Johns, currently the interim chief executive officer 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.
State Street has had a presence in Ireland since 1996 and has grown to be one of the country's largest fund administrators and custodians. State Street currently has approximately 2,000 employees in Ireland and has offices in Dublin, Drogheda, Kilkenny and Naas. Earlier this year, State Street announced the opening of its new 165,000 square foot Irish headquarters at Sir John Rogerson's Quay in Dublin.
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