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State Street to acquire Bank of Ireland Asset Management

BIAM gained for €57m, including €14m estimated net business assets.

State Street Global Advisors (SSgA), the investment management business of State Street, has agreed to acquire the Bank of Ireland Asset Management (BIAM) for €57m inclusive of estimated net assets of the business of €14m.

BIAM offers investment solutions to institutional investors and intermediaries including global fundamental equities, fixed income, cash, asset allocation, property and balanced funds.

Upon completion of the transaction, over 120 employees of BIAM are expected to join SSgA in Dublin.

With this acquisition, SSgA will add Dublin as its 10th global investment center from which investment teams manage client assets.

Chris Johns, currently the interim CEO and chief investment officer of BIAM will be appointed SSgA chief investment officer for fundamental active equity and will report to Rick Lacaille, SSgA's global chief investment officer.

SSgA president and CEO Scott Powers said, this acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management.