BOI cutbacks in overseas activities

Bank of Ireland has abandoned its search for a strategic partner for its asset management arm and is scaling back the division’s international operations, the bank said yesterday.

As well as shutting its Tokyo and Melbourne offices with the loss of 20 jobs, Bank of Ireland Asset Management (BIAM), which manages €33 billion in funds, will trim its Dublin workforce to 130 from 167, redeploying staff.

BIAM, which was hit in 2004 by the defection of key executives from its US office with a subsequent loss of mandates from US pension funds, began its trawl for a business partner earlier this year.