"New business, Keyridge Asset Management, will combine the European divisions of Canada Life Asset Management, Setanta Asset Management and Irish Life Investment Managers (ILIM), the company has announced. The enlarged entity will oversee more than £135bn (€153bn) in assets. The ILIM and Setanta brands will be retained in Ireland and customers here will not have to take any action. Keyridge ultimately seeks to have a third of its sales in the UK, with the other two thirds equally split between North American and European markets, Keyridge CEO Patrick Burke told the Bloomberg news service."
"He will lead a team of 300 with plans to hire more senior investment professionals to join the UK team over the coming months. The business will be headquartered in London's biggest office building at 22 Bishopsgate. The ILIM and Setanta teams in Dublin will continue to serve customers as before."
"Great-West Lifeco is backed by Canada's billionaire Desmarais family, which has been looking to shift into higher-growth areas of financial services. It bought Irish Life in 2013 for €1.3bn from the Irish Government following the bailout of the former Irish Life & Permanent (IL&P), the first substantial cash to be clawed back after the bailouts."
Keyridge Asset Management will merge the European divisions of Canada Life Asset Management, Setanta and Irish Life Investment Managers to create a larger firm overseeing more than £135bn (€153bn). The ILIM and Setanta brands will be retained in Ireland and customers will not need to take action. The group targets one third of sales in the UK and the remaining two thirds split equally between North America and Europe. Patrick Burke will lead a team of 300 with plans to hire additional senior investment professionals and to base the business at 22 Bishopsgate in London. Great-West Lifeco, backed by the Desmarais family, bought Irish Life in 2013 for €1.3bn.
Read at Irish Independent
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