IRELAND - The Bank of Ireland’s asset management business – which has 12.94 billion dollars (12.89 billion euros) in European pension funds under management - has said that its chief executive Willie Cotter is to retire and be replaced by Brian Goggin.

The bank said in a statement on its website that Willie Cotter, chief executive of Bank of Ireland’s asset management and securities services division is to retire on April 1 2003. He will be replaced by Brian Goggin, who is currently chief executive of the bank’s wholesale financial services unit.

Cotter would remain as head of the bank’s US investment management division, Iridian Asset Management. He would be replaced at the wholesale unit by Denis Donovan, currently head of treasury and international banking.