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Guggenheim

Guggenheim - Bank of Ireland, headed by Richie Boucher, made a loss on the sale of its Iridian asset management and Guggenheim fund management businesses in the US, which had cost a combined $380m (€281m) to acquire.

The group's preliminary results, unveiled during the week, show that the group booked a €3m net loss from the disposals of its majority interests in both last summer as it pulled off a major retrenchment from international fund management.

BoI posted an underlying pre-tax loss of €2.9bn for the nine months to December, after setting aside more than €4bn to cover bad-loan losses during the period.

In 2002, when under the leadership of Mike Soden, Bank of Ireland bought Iridian, paying $196m for a 61pc stake in the US institutional fund manager. The group was looking at the time to build upon the then huge success of its Bank of Ireland Asset Management (BIAM) in North America.

Three years later, his successor Brian Goggin stumped up $184m to take a 71pc holding in Guggenheim Alternative Asset Management.

Guggenheim
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