BIAM loses 60% of US business

BANK OF IRELAND’S asset management arm has lost almost 60% of its crucial North American business in just 12 months, new figures show.

Bank of Ireland Asset Management (BIAM) said yesterday that funds under management on behalf of major North American clients had tumbled from €23 billion to less than €10 billion in the year to March.

The full extent of the €13bn fall had been masked by the bank’s full-year figures, which were released last week and showed an overall €10m decline in BIAM’s funds under management, from €57bn to €47bn over the year.