EUROPE – Bank of Ireland Asset Management has named a new chief executive – Rothschild’s Kevin Dolan - amid a loss of 7.7 billion euros in assets under management.

The bank’s asset management services arm saw its AUM fall three percent to 56 billion euros in the six months to the end of September – reflecting net outflows of two billion euros. It added: “Between 1 October and 5 November 2004 we have received notification of terminations amounting to 5.7 billion euros.”

David Boal, managing director of BIAM’s UK and continental division, told IPE that UK and European clients have been loyal. “The mandate losses have been much concentrated in North America. North American employers usually award us EAFE [Europe, Australasia and Far_East] mandates and that product has not performed as well as we would have liked.”

“Our clients in the UK, Europe and Asia have been really very supportive and loyal since the loss of our asset managers.” Four investment managers quit to join Perpetual Trustees Australia in September in what was seen as a major blow for the firm.

Dolan is currently CEO at LCF Rothschild Private Equity Partners in Paris. He takes on his new job on January 1 next year.

He replaces Brian Goggin, who was appointed group chief executive last June after the departure of Brian Soden. Goggin said Dolan’s hire came after “an extensive domestic and international search”. Dolan was not contactable due to a public holiday.

The bank said that there is a 2.5 million-euro impact on pre-tax profit for each one billion-euro change in AUM. “While the level of termination is disappointing, we continue to manage in excess of 50 billion euros in assets for some 700 clients on five continents.”

It said its Bank of Ireland Securities Services custody and fund administration business “performed well with strong income and profit growth, particularly in the area of securities lending”. Total income for the division increased by six percent while costs increased by three percent.