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Investment departments of Banks

  • 24-06-2011 9:38am
    #1
    woodpolejohn
    Closed Accounts Posts: 1 ✭


    Hi,
    I have some savings in Bank of Ireland Asset management, mainly unit trusts. Can anyone tell me if this is totally independent from BOI. If there were to be a banking crisis would BOI be able to access my savings?
    Cheers


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Moving to Investments & Markets as folks there would have more knowledge of Unit Trusts and how they're organised :)


  • #3
    Raskolnikov
    Registered Users, Registered Users 2 Posts: 10,148 ✭✭✭✭Raskolnikov


    woodpolejohn wrote: »
    Hi,
    I have some savings in Bank of Ireland Asset management, mainly unit trusts. Can anyone tell me if this is totally independent from BOI. If there were to be a banking crisis would BOI be able to access my savings?
    Cheers
    These are absolutely your assets, regardless of who manages them. However BIAM has been sold to State Street Corporation, so your assets will no longer be managed by Bank of Ireland. State Street would be regarded as one of the more prudent financial institutions, certainly more so than Bank of Ireland.

    I would expect that the unit trusts you're invested in will be re-branded as State Street in due course.


  • #4
    whysomoody
    Registered Users, Registered Users 2 Posts: 226 ✭✭whysomoody


    Raskolnikov wrote: »
    These are absolutely your assets, regardless of who manages them. However BIAM has been sold to State Street Corporation, so your assets will no longer be managed by Bank of Ireland. State Street would be regarded as one of the more prudent financial institutions, certainly more so than Bank of Ireland.

    I would expect that the unit trusts you're invested in will be re-branded as State Street in due course.

    It would be advisable to speak with BIAM and see how they hold your units, either as a collective scheme or in individual accounts, and under what auspice.


  • #5
    Incorporating Haj
    Closed Accounts Posts: 36 ✭Incorporating Haj


    woodpolejohn wrote: »
    Hi,
    I have some savings in Bank of Ireland Asset management, mainly unit trusts. Can anyone tell me if this is totally independent from BOI. If there were to be a banking crisis would BOI be able to access my savings?
    Cheers
    As a Unit Trust the funds are held by a trustee (in this case State Street) on your behalf. They are invested by the manager within the limits set out in the prospectus & other fund documentation.

    Your only risk in relation to BOI is that they poorly invest the money but it is held separately for you under trust outside of their reach should they run into major difficulty.


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