The acquisition of US based Iridian Asset Management by Bank of Ireland Asset Management (BIAM) marks a new chapter for the company says BIAM chief executive Willie Cotter. Iridian is BIAM’s first acquisition and puts an end to years of organic growth which have seen BIAM expand into several new markets including the UK, North America, mainland Europe, Australia, and most recently Japan.
It is unlikely however that BIAM would consider making additional acquisitions in the near term, and a spokesperson for BIAM said that they will now focus on ‘on ensuring that this one is properly ‘bedded down’ and that the two companies are working together, achieving the business goals already identified.
The acquisition of Iridian, an independent US investment manager headquartered in Connecticut, with E12.1 billion under management, will give BIAM a presence in US domestic equities, the biggest product segment of the US investment market. BIAM acquired 61 per cent of Iridian for E196 million, plus a contingent deferred payment of up to E24 million, and can acquire the remaining 39 per cent over time.
Iridian will continue to trade under its own name and will operate from its offices in Westport, Connecticut. BIAM, a subsidiary of Bank of Ireland, is an international asset management firm. |
