The world of investment management here was rocked by the news two weeks ago that four of Bank of Ireland Asset Management's top people were defecting to Perpetual Trustees, a Sydney-based operation which has just set up shop in Dublin.
Ever since, people have been wondering what the repercussions would be for Bank of Ireland.
Last night it was confirmed that one of Canada's largest money managers, RBC Asset Management, is to discontinue its relationship with Bank of Ireland. RBC is a subsidiary of Royal Bank of Canada and has $48 billion under management globally.
A spokesman for RBC would not elaborate too much on the decision, merely saying that times change and RBC had to look after its clients needs.
