BANK OF IRELAND began repairing its dented asset management business yesterday by spending $184 million (€153m) to take control of a specialist American fund manager.

Tullow Oil plummeted 23c down to €3.78, nearly 6%, following their announcement that drilling on the Faucon-1 exploration well off the coast Mauritania has been completed.

Bank of Ireland has entered into an agreement to acquire 71.5% of Guggenheim Alternative Asset Management, a US hedge-fund manager focusing on institutional and high-net-worth clients, for an estimated $184m (€153m).