| New BIAM CEO faces challenge |
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| Bank of Ireland Asset Management (BIAM) has appointed a new chief executive, Kevin Dolan, at a time when it, alongside a number of other of Ireland’s largest fund managers, struggle to grow their businesses. Figures compiled by FINANCE in the course of its 2004 Stockbroking Survey indicate that overall assets under management by Ireland’s indigenous fund management sector have barely grown for most of the year. |
Figures compiled by FINANCE in the course of undertaking the 2004 Stockbroking Survey indicate that overall assets under management by Ireland’s indigenous fund management sector have showed little growth for most of this year. The biggest domestic player is BIAM, with Italian fund manager Pioneer Investments the only other firm based in Ireland to be bigger than it. Latest figures from UniCredito’s subsidiary show that it has over €70 billion in assets under management.
 | | Kevin Dolan |
BIAM’s AUM was growing steadily until earlier this year, when poor performance in its North American funds, combined with the defection of four of its key staff members - Des O’Sullivan, John Nolan, John Forde and Richard Kelly – to new operation Perpetual Trustees Australia Limited. Since the start of 2004, BIAM’s assets have fallen by €7.7 billion, having lost €5.7 billion in the month from October 1st to November 5th.
Dolan, who joins BIAM from his position of president and chief executive officer with LCF Rothschild Private Equity Partners, will have a clear objective to put a halt on the asset outflows, and to reassess BIAM’s investment strategy when he takes up his position on 1st January, 2005. |
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| Article appeared in the November 2004 issue.
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