Bank of Ireland Group has announced that it has entered into an agreement to acquire 71.5% of Guggenheim Alternative Asset Management, a US fund of hedge funds manager focusing on institutional and high net worth clients, for an estimated cash consideration of US$184 million.
Guggenheim Alternative Asset Management, a leading private wealth and investment management firm and part of Guggenheim Partners has around US$2.8 billion assets under management.
The Bank of Ireland stated that its strategy is to grow its portfolio of niche, skill-based businesses internationally and the development of the Asset Management Services division, which aims to build a diversified portfolio of discrete investment boutiques and to sell investment solutions through its established global sales and client service platform, is a core element of this.
Brian Goggin, Chief Executive, Bank of Ireland Group, commented that:
"Over the last decade, we have built a significant international distribution capability, which delivers investment solutions to institutional investors and their consultants. Our strategy is to harness this capability to provide an enhanced range of investment solutions in the future.
"The acquisition of Guggenheim Alternative Asset Management is a further step in this plan and will provide us with products and expertise in the alternative investment sector, which is an increasingly important segment of the investment market. We believe their sophisticated fund of hedge funds platform will be an attractive option for our institutional clients."
Dominic Curcio, Managing Partner, Guggenheim Partners added that:
"From our perspective, at the heart of this deal is a partnership between Bank of Ireland, Guggenheim Partners and the team in Guggenheim Alternative Asset Management, and we are confident that this will be the start of a long and fruitful relationship with Bank of Ireland.
"This deal enables Guggenheim Alternative Asset Management to harness Bank of Ireland's international distribution capability which will accelerate its growth in the institutional market. All three parties have a significant interest in the future of the business and we will work together to ensure that Guggenheim Alternative Asset Management becomes one of the leading providers of customised hedge fund solutions for institutional and high net worth investors globally."
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