Bank of Ireland has appointed three new managers to its asset management division in a bid to improve the performance of the unit, which has been declining in recent years.

The bank yesterday named Chris Johns, currently an investment strategist at Collins Stewart and columnist with The Irish Times, as managing director of global research; Paul Boyne as managing director of global equities; and Sean Crowe as managing director of fixed income and specialist products.

The appointments mark a change in the business structure at the division, which was once a star performer for the bank but has in recent times become something of the black sheep in the fold.

In its most recent results for the year to the end of March, the bank reported that pretax profit at Bank of Ireland Asset Management (BIAM) fell 32 per cent to €85 million as it continued to lose asset management mandates.

Mick Sweeney, BIAM's chief executive, said the new structure would enable the business to grow. "I believe that this is the best structure for our business to compete successfully in this rapidly changing industry," he said.

"BIAM remains firmly committed to its value discipline, bottom-up stock picking approach to investment." He also reiterated the bank's commitment to spend whatever was necessary to turn the group around.

Mr Johns will have responsibility for all global equity, fixed income and property research, while Mr Boyne, who joined BIAM in 2005 from Morgan Stanley Investment Management, will be responsible for the management of BIAM's €30 billion global equity book. Mr Crowe's job meanwhile will be to grow the fixed income, credit and property portfolios, as well as focusing on the delivery of new products.

Chris Reilly, who has led BIAM's investment team for the last 20 years, will remain until the transition to the new structure is complete, the bank said.