AIB HAS SOLD its asset management business to South African financial services company Prescient Holdings Ltd for an undisclosed sum.

The sale of AIB Asset Management Holdings includes AIB Investment Managers Ltd (AIBIM) and is subject to regulatory approval, but is expected to have concluded early next year.

First set up in 1966, AIBIM employs 100 people and was managing assets of around €8.5 billion as of September. State-controlled AIB was ordered to sell its investment wing as part of its restructuring and recapitalisation deal.

In a statement today, Prescient said it would rename its purchase Prescient Investment Managers (Ireland) Ltd and that it will remain as the Dublin-based investment manager of the group.

“It is envisaged that it will continue to be managed by the existing management team, delivering its successful and proven investment strategies,” the company added.

Prescient is listed on the Johannesburg Stock Exchange, and has managed Irish-regulated funds in Dublin for the past four years.