State Street Global Advisors Completes Acquisition of Bank of Ireland Asset Management
January 10 2011 - 8:46AM
Business Wire
State Street Global Advisors (SSgA), the investment management
business of State Street Corporation (NYSE: STT), announced today
that it has completed its acquisition of Bank of Ireland Asset
Management (BIAM), which was first announced in October 2010, for
approximately €57 million inclusive of estimated net assets of the
business of €14 million.
The acquisition adds new Dublin-based clients and employees, and
managed assets including global fundamental active equities,
fixed income, cash, asset allocation, property and balanced funds.
Total BIAM assets under management at 31 December, 2010 were
approximately €26 billion. The acquisition also enhances SSgA’s
range of investment management solutions and expands State Street’s
overall presence in Ireland where it has been serving institutional
clients for 15 years. The new operation, State Street Global
Advisors Ireland Limited, becomes SSgA’s 10th global investment
center from which investment teams manage client assets.
Commenting on the acquisition, Scott Powers, president and chief
executive officer of State Street Global Advisors said, “We are
pleased to complete this acquisition of an organization that has
built a strong franchise with a first-rate investment team that
shares our focus on research and commitment to clients. We look
forward to the benefits that our combined resources will bring to
our clients globally.”
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street, one of the world’s leading providers of
financial services to institutional investors.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $20.2 trillion in assets
under custody and administration and $1.9 trillion in assets under
management at September 30, 2010, State Street operates in 25
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
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