GLOBAL - Boston-based State Street Global Advisors (SSgA) is set to acquire Bank of Ireland Asset Management (BIAM) for approximately €57m in cash.

Earlier this spring, Ireland's largest bank bowed to pressure from the EU to offload its asset management division as part of an agreed restructuring plan.

BIAM, which has approximately €26bn in assets under management for more than 500 clients, offers a range of global equity, fixed income, cash, asset allocation, property and balanced funds.

Scott Powers, president and chief executive at SSgA, said the deal would allow his company - known chiefly for its passive index-linked funds - to expand its range to include active fundamental management.

"As our clients look for more solutions-driven investment management strategies that span the risk spectrum, the addition of this team and capabilities will enhance our ability to deliver on these needs," he added.

Chris Johns, interim chief executive and CIO at BIAM, will be named SSgA chief investment officer for fundamental active equity, reporting to Rick Lacaille, SSgA's global chief investment officer.

SSgA expects to complete the deal in the first quarter of next year or sooner, pending regulatory approval.

Once the deal goes through, BIAM's operation in Dublin will become State Street Global Advisors Ireland.