BIAM Australia is to wind down and cut staff, a spokesperson from Ireland has confirmed.
Bank of Ireland Asset Management (BIAM) plans to eventually close its local funds management business, BIAM Australia, and is letting go of four employees.
The details were confirmed by a BIAM spokesperson based in Dublin.
BIAM made the decision several weeks ago to scale back its international asset management business, the spokesperson said.
"The intention is to ensure an orderly wind down of the business - this will take place over the next couple of months," the spokesperson said.
Last year, BIAM Australia suffered a series of setbacks in terms of staff turnover and three big superannuation funds pulling their mandates.
BIAM Australia had $1.2 billion in funds under management (FUM) in June 2007. But after REST, Care Super and JANA Investment Consultants redeemed their mandates, the business was left with $187 million in December.
The group was established in Australia in 1996 and topped $4 billion in FUM at its peak.
The spokesperson was unable to say if BIAM Australia regional director of Australasia Pat Lardner was included in the staff cuts.
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