Overseas investment

Bold move on AIB Asset Management

AIB Asset Management Holdings
Prescient Group has acquired AIB Asset Management Holdings and its subsidiaries in Dublin, a deal which was approved last week by the Central Bank of Ireland.

The deal, which was announced last November, came into effect on 1 June 2012 and involved the sale by Allied Irish Banks (AIB) of AIB Asset Management Holdings, including AIB Investment Managers, to Prescient for an undisclosed sum. 

The companies have been renamed and are now part of the Prescient brand.  Following the transaction, Prescient Group currently has assets under management in excess of R150 billion.

“Prescient is delighted to have concluded this deal” said Steyn the Prescient Group executive chairman, “The transaction represents a significant milestone in the development of our business.  

We believe there are growth opportunities in Europe generally and in Ireland in particular. With this deal we have acquired a company based on a smart group of talented and hardworking people. With their help we will be able to achieve our ambitious plans,” he said. 

“Management continuity will help ensure ongoing delivery of proven investment strategies, and we expect our Dublin businesses to make a meaningful contribution to the group over time.  The importance of global expertise is growing as exchange controls are relaxed in South Africa. The acquisition is part of our strategy to strengthen our global offering to South African clients.”

Carey Millerd, Prescient Group’s deputy chairman described the transaction as the foundation for Prescient’s Global plans. 

“We see the Dublin operation as the perfect base for a wider European operation but the immediate focus is on the existing client base and opportunities in the Irish market,” he said. “We have great people here, with a strong client portfolio and performance track record.” 

He explained that he has moved over to assist the Dublin Management Team in achieving a smooth integration into the Prescient Group. “We are excited about this deal and believe the end result will be a very significant player in the Irish market.” 

Prescient Investment Managers (Ireland) will continue to manage assets for a wide variety of clients, including pension, corporate, charity and private clients both in Ireland and overseas. The company was established in 1966, and employs 80 people with experience in managing global equities, bonds, property and multi-asset portfolios. 

Steyn highlighted that the acquisition does not affect the operation and investment process of the Cape Town based team. “The team remains intact and will continue to focus on local client assets as before.  We will use the best from both processes to deliver enhanced products to our clients.”

Prescient Group, headquartered in Cape Town, was established in 1998 and is in the process of listing on the Johannesburg Stock Exchange (JSE). It operates a range of financial services activities including South Africa's leading quantitative investment management house, investment administration as well as wealth management and securities businesses.  The listing enables the group to consolidate all operations under one holdings company.  

Prescient has managed Irish regulated funds in Dublin since 2007 and is an approved promoter and investment manager in Ireland. More recently Prescient established Stadia Fund Management; a UCITS Management Company authorised to administer UCITS and Non UCITS schemes. 

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Issue 72