State Street Global Advisors announced Monday it has completed its acquisition of Bank of Ireland Asset Management.
The deal, which was announced in October, was priced at $88.57 million inclusive of estimated net assets of the business of $21.75 million.
The acquisition adds new Dublin-based clients and employees, and managed assets including global fundamental active equities, fixed income, cash, asset allocation, property and balanced funds. Bank of Ireland Asset Management had $40.4 billion of assets under management as of Dec. 31.
The deal is expected to enhance State Street Global Advisors range of investment management products and services and expand the company’s presence in Ireland, where it has been serving institutional clients for 15 years.
The new operation, State Street Global Advisors Ireland Ltd, becomes SSgA’s tenth global investment center from which investment teams manage client assets.
State Street Global Advisors is the asset management business of Boston-based State Street, which had $20.2 trillion in assets under custody and administration and $1.9 trillion in assets under management as of Sept. 30.