State Street pays €57m for BIAM

INTERNATIONAL financial services company State Street has made its first foray into the asset management sector here, via the €57 million purchase of Bank of Ireland Asset Management (BIAM).

Although chiefly known for its international asset management business, the Boston-headquartered State Street already has a sizeable presence here. It’s been in Ireland since 1996 and is now seen as one of the largest fund administrators in the state, with facilities in Dublin, Kilkenny, Naas and Drogheda. It opened its new Irish headquarters, housing its global services and alternative investment solutions divisions, last March.

“This acquisition enables us to expand our range of investment capabilities to include active fundamental management,” commented State Street’s president and chief executive Scott Powers yesterday.