Irish Bank Acquires Stake In N.Y. FoF Firm

Dec 22 2005 | 9:00pm ET

Bank of Ireland Group announced on Tuesday that it is in the process of acquiring a 71.5% stake of U.S. fund-of-hedge funds manager Guggenheim Alternative Asset Management for approximately $184 million. The acquisition is part of the bank's plan to expand its offerings to institutional investors.

Guggenheim's management will retain 11% ownership and Guggenheim Partners will own 17.5% of the company.

"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," said Dominic Curcio, a managing partner at Guggenheim, in a release.

New York-based Guggenheim Alternative Asset Management has $2.8 billion in assets under management from institutional and high-net-worth clients.

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