AIB to continue non-core asset disposal after Prescient deal

AIB is to continue with the disposal of its non-core assets after receiving regulatory clearance and completing the sale of its assets management business to South African financial group Prescient Holdings yesterday.

An AIB spokesperson said the deal was part of AIB’s continued sale of non-core assets as the bank returns to its role as one of Ireland’s two pillar banks:

The deal with Prescient, which was announced last November, involves the sale of AIB Asset Management Holdings (Ireland) Ltd, including AIB Investment Managers Ltd, to Prescient for an undisclosed sum. The business will be renamed as Prescient Investment Managers (Ireland) Ltd.

Prescient group chairman Herman Steyn said he saw both Ireland and Europe as growth markets for his company.

Prescient group deputy chairman Carey Millerd said the transaction was the foundation for Prescient’s Global plans.

Following the purchase of AIBM, Prescient has assets under management in excess of €16bn. Prescient Investment Managers (Ireland) Ltd employs 80 people managing funds, including pension, corporate, charity and private clients both in Ireland and overseas.

Client assets will continue to be managed by the Dublin-based team, which will also have access to the expertise of the Prescient Investment Management Team in South Africa.

Prescient is based in Cape Town. It was set up in 1998 and is in the process of listing on the Johannesburg Stock Exchange.