Bank of Ireland has made changes to its asset management team, after Perpetual Trustees Australia hired four of its fund managers to run a new Irish operation.
Australia's Perpetual has recruited Des Sullivan, John Nolan, John Forde and Richard Kelly to lead its new global equities investment team which will be based in Dublin and will be fully operational by early 2005.
Perpetual Trustees Australia is an independent financial services group established in Australia 119 years ago. It is listed on the Australian Stock Exchange with a market capitalisation of €1 billion. It has a workforce of over 800 throughout Australia.
Two senior Perpetual Trustee executives, Rory MacIntyre and Patti Eyers, will relocate to Dublin from Sydney to manage and develop the business. Perpetual said that IDA Ireland is providing support in the establishment phase of the new operation.
In a statement, the company said its Irish subsidiary is in the process of making an application to the Irish Financial Services Regulatory Authority for a licence to conduct an investment management business in Ireland.
The appointment of the new Irish team is the result of an eight month intensive global search.
Meanwhile, BIAM said it had appointed Leona Nicholson, a director of BIAM and a long-standing member of the investment team, as a Deputy Chief Investment Officer. Chris Reilly, Chief Investment Officer, will take direct responsibility for BIAM's Global product.
Jane Neill, Deputy Chief Investment Officer, will continue in her role as Head of BIAM's Balanced product.
'While it is always regrettable to see colleagues depart, BIAM is uniquely positioned in the strength of its brand, its excellent global reputation and the tremendous strength in depth of its 21 strong asset management team,' commented Denis Donovan, Chairman of BIAM.
'I am confident that BIAM will continue to grow and deliver the professional and quality investment approach to our customers that has always been our hallmark', he added.
