Bank of Ireland's struggling fund management arm BIAM has unveiled a new team charged with resuscitating its flagging performance following the retirement of its investment head.
BIAM announced today that a three managing directors will take from chief investment officer Chris Reilly who is retiring after over 20 years at the helm of Ireland's largest fund manager.
Chris Johns, investment strategist at London stockbroker Collins Stewart, has been appointed to the new position of managing director of global research.
Mr Johns' previous posts include head of research at ABN AMRO, director of investment strategy at Allied Irish Capital Management and chief economist at Bank of Ireland. He is also a regular contributor on investment topics in The Irish Times.
BIAM's equity team will be headed by Paul Boyne who joined BIAM last year while Sean Crowe who is currently leads the trading team at Bank of Ireland Global Markets will be responsible for BIAM's bond portfolio.
BIAM's chief executive Mick Sweeney said the new management structure reflects the changes in the fund management business which has become less dependent on equity specialists to deliver returns and instead seeks to limit liabilities.
"I am steadfast in my resolve to turnaround investment performance and we will continue to invest whatever resources are required to ensure that this objective is met" he said.
"I am confident that this new structure, driven by the calibre of today's appointments, will repay the confidence our customers have continued to show in us," he added.
Mr Sweeney added that Mr Reilly will remain on at BIAM until the transition to the new structure is complete.