AIB sells its asset management arm

STATE-controlled AIB has sold its asset management arm to South African investment management firm Prescient Holdings for an undisclosed sum.

AIB is shrinking its operations as part of the EU/IMF bailout. The bank was ordered to sell its asset management arm last year under a restructuring agreement with the European Commission. The unit employs over 100 people and had €8.4 billion in assets under management as of last month.

AIB said the deal was expected to be completed in the first quarter of next year, following regulatory approval.