Tuesday, 31 May 2016
Last updated 1 hour ago
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.