THE FORMER Anglo Irish Bank has said it will not be outsourcing the management of its wealth management arm in order to facilitate its winding down, and will instead oversee the closure of the business on an in-house basis.
The Irish Banking Resolution Corporation said yesterday it would manage the winding down of the wealth management arm on an in -house basis, and would not proceed with plans to outsource the winding down.
The move is seen as a surprise, and had followed talks between IBRC and the Key Capital investment group.
In a statement the bank said it and Key Capital had concluded that “proceeding with this arrangement will not deliver the best outcome for all stakeholders”.
Tom Hunersen, IBRC’s Group Executive for Corporate and Institutional Recovery, said the bank would not wind down the arm over a five-year timeframe “using its existing resources and in accordance with its fiduciary and contractual obligations”.
Any clients will be notified in due course of any changes which may impact them or their investments, as the business winds down.
It had been hoped that a sale of the arm could raise cash for the nationalised bank and minimise its need for resources to manage customer wealth.