Allied Irish Bank is to sell the management contracts of Govett, its British asset management business, to Gartmore Investment Management for approximately €20m.
Govett is to close down its operations in Singapore as part of the transaction.
Certain management contracts are excluded from the sale and will be managed by AIB’s Irish based asset management company, AIB Investment Managers (AIBIM).
The operations of AIBIM are otherwise unaffected by this transaction.
Purchased by AIB in 1995, Govett primarily operated as a Far East/emerging markets asset management specialist, and it contributed satisfactorily to Group profits for several years.
Colm Doherty, Managing Director of AIB Capital Markets, said: "AIB is transferring the management of Govett funds to one of the UK’s leading investment companies.
"This decision follows AIB’s review and restructuring of our overall asset management business to ensure that it is well equipped to continue to contribute to AIB Group profits as it has done over the last 25 years.
"The Asset Management business is a key part of the AIB Capital Markets mix and will remain so as we continue to invest in the people, systems and processes of the business in Ireland," Doherty added.