State Street Global Advisors, the investment management business of State Street Corporation, is to acquire Dublin-based Bank of Ireland Asset Management in a deal expected to close in the first quarter of next year, if not earlier.

SSgA will pay a consideration of around €57 million (around $80 million), inclusive of one-time costs for BIAM.  Following the closure of the deal, which awaits regulatory approval, the business will operate under the name State Street Global Advisors Ireland.

BIAM has around 500 clients and €26 billion in assets under management, as of end-September 2010. Some 120 of BIAM’s employees are expected to join SSgA in Dublin.

As a result of the deal, Chris Johns, currently BIAM’s interim chief executive officer and chief investment officer, will take up the post of SSgA chief investment officer for fundamental active equity. He will report to Rick Lacaille, SSgA's global chief investment officer.

"This acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management," Scott Powers, president and chief executive officer of State Street Global Advisors, said in a statement.

"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.”

With the addition of Dublin, SSgA’s investment teams now work from 10 global locations. The wider State Street group has however had a presence in Ireland since 1996. In the country the firm has 2,000 employees based across offices in Dublin, Drogheda, Kilkenny and Naas.