BoI buys US asset management outfit

BANK OF IRELAND began repairing its dented asset management business yesterday by spending $184 million (€153m) to take control of a specialist American fund manager.

The bank will take a 72% stake in Guggenheim Alternative Asset Management, a New York-based business, whose clients include institutional investors.

The business was previously owned by Guggenheim Partners, a high-profile financial services firm that was set up by the billionaire family of the same name.