• Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

  • Future imperfect

    A lack of compassion with ordinary people is crucial to SA’s failures, says Mandi Smallhorne.

  • Will Gordhan be fired?

    An economist ponders the top question concerning those who control international capital flows.

All data is delayed
See More

SA's Prescient buys Irish asset manager

Nov 21 2011 18:55

Related Articles

Getting it right from day one

Dublin - State-controlled Allied Irish Banks (AIB) has sold its Dublin-based asset management arm to South African investment management firm Prescient Holdings for an undisclosed sum, AIB said on Monday.
A former stock market darling with international ambitions, AIB was effectively nationalised last year and is shrinking its operations as part of an EU-IMF bailout.

AIB was ordered to sell its asset management arm last year under a restructuring agreement with the European Commission. The unit employs over 100 people and had 8.4 billion euros in assets under management as of last month.
AIB said the deal was expected to be completed in the first quarter of next year.

Ireland’s biggest fund manager Irish Life Investment Managers (ILIM), owned by bancassurer Irish Life & Permanent , had been chosen as the preferred bidder for AIB’s investment arm before EU-IMF stress tests in March revealed its parent group needed to raise 4 billion euros in additional capital.
ILIM was expected to pay 20-25 million euros for the AIB unit, a source familiar with the deal told Reuters in April.



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote