Bank of Ireland Asset Management, the troubled Irish fund manager, is expecting assets under management to drop by €4bn ($4.8bn) in the six months to September 30, bringing total lost business to €14.5bn in the past 18 months.

In a trading statement ahead of its first-half results, the fund manager said it expected to have some €43bn in funds under management at the end of September, down from nearly €47bn at the end of March.