Boston-based State Street Global Advisors (SSgA) will buy Bank of Ireland Asset Management for about $79.3 million, State Street confirmed on Friday.
The sale price includes BIAM’s estimated net assets of E14 million; the unit has about E26 billion in assets under management. About 120 of Bank of Ireland’s staffers will be transferred to SSgA once the deal is completed in the first quarter of 2011. State Street has more than 2,000 employees in Dublin, Kilkenny, Naas and Drogheda and is considered one of Ireland’s largest fund administrators.
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