Bank of Ireland has confirmed that it is looking for a partner for its Bank of Ireland Asset Management unit.
However, the bank has refused to comment on a report in the Irish Independent that it would sell off a majority stake in BIAM.
'We have started an exploratory process to identify ways we might broaden our investment product offering to customers in Ireland,' it said in a statement today.
'This may result in a partnership with a leading investment provider that will complement the range of products BIAM provides,' the statement continued.
'The process is at an early stage with initial contact with some of the potential partners and will take some time to complete.'
The Irish Independent reported yesterday that BIAM had not captured the imagination of investors, leading to the possibility of the sale of a majority stake in the unit.
The assets BIAM manages in the US have fallen by nearly 90% in four years to €1.9 billion. Overall, its assets under management have fallen from €57 billion to €38 billion over four years - a drop of just over 33%.
US fund manager State Street and Italian banking giant Unicredito's unit Pioneer Investments have been linked with buying a stake.
Bank of Ireland is being advised by Goldman Sachs and IBI Corporate Finance.
