State Street emerges as favourite to buy BIAM

INTERNATIONAL financial services company State Street is understood to be interested in acquiring Bank of Ireland Asset Management (BIAM), although an execution of the deal is not anticipated in the short-term.

Since its EU restructuring plan was finalised, Bank of Ireland has been looking to dispose of a number of assets; including New Ireland Assurance and ICS Building Society.

BIAM, which has assets of around €25 billion but has also lost its market leading position to Irish Life & Permanent, is likely to form part of that sales process, with management announcing, at the group’s recent interim results presentation, approaches had been made for the asset from a number of sources.