See More

SA's Prescient buys Irish asset manager

Nov 21 2011 18:55 Reuters

Related Articles

Getting it right from day one

Investec expects flat first-half profit

Carte Blanche asks for Aurora case access

SA investor confidence dips

Aurora directors accused of stalling

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
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Money Clinic

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

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote