Having stepped down as managing director of AIB Investment Managers at the time of its sale to South African financial group Prescient in June, Frank O’Riordan has now popped up as a trustee of the AIB staff pension fund. O’Riordan left the asset manager to return to a position within AIB group.
Coincidentally, the AIB pension fund has switched about €2 billion of its near €3 billion in funds away from Prescient. This was due to British life and pensions company Legal General ending a partnership agreement last March and taking back the management of these assets.
AIBIM had about €8.5 billion in funds under management at the time of the transaction, including the bank’s pension fund. No doubt, the possibility of these funds moving was built into the sale price paid by the South African group, which was never disclosed.
In an interview last month with this newspaper, O’Riordan’s successor Fiona Sweeney outlined Prescient’s plan to double the level of assets under management over the next six to seven years.
