State Street in BoI purchase talks

Dublin: State Street, the world’s second-biggest money manager for institutions, is in talks to purchase Bank of Ireland’s asset-management business, according to three people familiar with the matter.

No agreement has been reached for the unit, which controlled €25 billion of assets as of April 16, and a sale may take months, said two of the people.

Scott Powers, chief executive of the Boston-based company’s money-management unit, State Street Global Advisers, said in an interview published August 3 that the indexing specialist is looking for acquisitions to expand actively managed investments and cut reliance on passive funds.