AIBIM BUYER PLANS TO EXPAND FROM DUBLIN - AIB has agreed to sell its asset management business - which includes AIB Investment Managers - to South African financial services group Prescient Holdings.
It is understood the sale price is between €20m and €30m, so in the overall scheme of things for AIB the impact on its financial position, it says, is "not material".
The executive chairman of Prescient Holdings, Herman Steyn, said the fee would be paid in instalments over a period of time.
He said Prescient, which manages €9.5 billion of assets, had made a decision to become a global investment manager. Mr Steyn said it had received approval to act as a fund administrator in Dublin earlier this year, and then started to look for an investment management business in Dublin.
Mr Steyn said Prescient had been looking to buy a smaller business, but the size of AIBIM attracted it. He said the company planned to expand from Dublin to other regions of Europe.
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