UK-based Aberdeen Asset Management has announced the acquisition of Dublin-based ESB Fund Managers (ESBFM) for IR£7.5m (e9.5m), subject to regulatory approval.
ESBFM, with IR£700m institutional fund assets under management, was established in 1989 to manage the Irish equity and fixed interest assets of the ESB pension scheme, which is still its principal client.
Brid Horan, general manager for pensions at ESB, says: “The acquisition by Aberdeen will ensure continuity of the services provided to the funds and will bring added investment expertise and resources both in Ireland and internationally.”
The ESBFM team will continue to play an important role in relation to the management of the ESB pension fund’s portfolio, which it’s now worth around IR£2.25bn. Michael Phelan, senior director and head of the team, says: “This acquisition is part of the consolidation process taking place in the UK but also in Ireland. It ends a short period of uncertainty for ESBFM.” Aberdeen has £18bn under management and has been present in the Irish market since 1991.