Allied Irish Bank to sell investment management arm

Allied Irish Bank has agreed to sell its subsidiary AIB Investment Managers to Prescient Holdings for an undisclosed fee.

The deal is expected to complete during the first quarter of 2012, subject to regulatory requirements.

Prescient Holdings is a South African financial services company, which already has a number of Irish-domiciled funds.

AIB Investment Managers has €8.4 billion, as at October 2011, in assets under management for a clients in Ireland, UK, Europe, Asia and the US and was established in 1966.

It is headquartered in Dublin and employs more than 100 people.

The group had been due to sell the asset manager to Irish Life earlier this year, but a deal fell through.

Earlier this year Capita Group acquired the group’s international financial services and trust services businesses for £42m.

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