The Board of the Hibernian group announced today (23 October) the results of the strategic review of its fund management business, Hibernian Investment Managers.
The Board of the Hibernian group announced today (23 October) the results of the strategic review of its fund management business, Hibernian Investment Managers (HIM).
The outcome of the review is as follows:
- Key investment management positions, including asset allocation, fund management of bond portfolios, Irish equities, Irish property and specialist equity portfolios, as well as marketing will remain in Dublin
- HIM’s current chief investment officer Martin Nolan has been appointed managing director-designate. He will head a team that includes former head of bonds Roy Asher, who has been appointed chief investment officer-designate. (All appointments are pending approvals by IFSRA)
- The management of international equities will transfer to Morley Fund Management, the London-based fund management arm of Hibernian’s parent company, Aviva plc
- The Irish back office operation will also be transferred to Morley in London.
The company is in discussions with Amicus-MSF in relation to the staffing of the ongoing operation, and redeployment or voluntary redundancy/early retirement as appropriate.
Hibernian group chairman Peter Malone said: "Today’s announcement confirms the group’s long term commitment to the Irish investment market. The outcome of the Board review enables HIM to maintain the local expertise its clients’ value so highly."
Martin Nolan said: "This is a great vote of confidence in the Irish asset management operation, and the terrific team built up over many years. The decision to retain the business and a significant number of jobs in Ireland is good for our clients, and I hope will also be good for competition within the Irish asset management business."
Martin Nolan also added: "Since HIM’s existing IT systems needed considerable investment in order to match industry leading requirements, the review also concluded that for the long term efficiency of the Irish operation back office activity should be transferred to Morley in London."
Dean Stannard, chairman of HIM and managing director of international and product development at Morley said: "This decision gives HIM’s clients the best of both worlds; local presence with global reach."
IFSRA has been informed of the above developments.
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Notes to editors:
- Hibernian is part of the Aviva plc the fifth largest insurance group in Europe, and seventh globally (based on gross worldwide premia)
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and top three for life and pensions
- A press photograph is available by ISDN
- Hibernian news releases are also available on www.hibernian.ie
Press Contact: Kela O’Riordan on 01 617 8164, 086 606 8842, kela.oriordan@hibernian.ie.