Bank of Ireland Asset Management (BIAM) has formed an alliance with Turner Investment Partners, a Pennsylvania-based investment management firm, under which BIAM (US) will provide investment management while Turner will handle sales, marketing, operations and client servicing.

BIAM, a subsidiary of Bank of Ireland, is an international asset management firm with about $52 billion (€51.5 billion) in assets under management. It employs more than 300 staff at 10 locations around the world.

Turner, based in Berwyn, Pennsylvania, invests about $8 billion in stock, bond and balanced accounts and mutual funds for institutions. BIAM (US), based in Greenwich, Connecticut, invests for pension funds and institutional investors wishing to allocate some of their portfolios outside the US.

Mr Denis Curran, BIAM international president, said: "We have been interested in getting into the managed accounts market for some time, but wanted to be able to do so in a way that would not detract from the management and development of our existing business."

Mr Stephen J. Kneeley, president of Turner, said the alliance offered a strong, international equity investment strategy.