Bank of Ireland is determined to hold on to its troubled US asset management operation despite it losing €13bn ($17.6bn) from clients in the past year. The division accounted for 40%, or €23bn, of the bank's €57.5bn assets under management in 2004.

Poor performance and the departure of leading personnel to a rival manager were the reasons clients pulled their assets in the year to March. The group, previously the fifth-largest manager of international equities for North American institutions, is left with just €9.6bn in assets for US clients.