AIB has entered exclusive talks to sell its investment unit to Prescient Holdings Ltd, a South African asset manager, according to people familiar with the matter.

AIB Investment Managers was put back on the market after Irish Life Permanent withdrew its preferred bid for the unit in April. A sale may be agreed within a month.

“We are looking for acquisitions,” Prescient chairman Herman Steyn said by phone from Cape Town yesterday.

“We have not made a deal yet. We are speaking to a number of parties.”

AIBIM had €8.5 billion of assets under management, according to its website as of February 25th. – (Bloomberg)