The investment management arm of Bank of Ireland Bank, Bank of Ireland Asset Management (BIAM) today announced the proposed acquisition of Iridian Asset Management, an independent US investment manager with $11 billion of funds under management.
BIAM has agreed to acquire a 61 per cent interest in Iridian for $177 million, plus an additional $21 million, based on the performance of the business over the two years following the acquisition. BIAM can acquire the remaining 39 per cent interest over time.
BIAM said the acquisition will give it a presence in US domestic equities, the biggest product segment of the US investment market, and will facilitate Iridian's development in the US and in other international markets.
BIAM currently has some $52 billion in assets under management and has built a strong client base especially in the US but also has clients in Britain, mainland Europe, Australia and, most recently Japan.