Bank of Ireland Asset Management has lost €15.5bn ($19.4bn) from its assets under management over the past two years, including a reduction of €3bn in the last quarter.

The Irish fund manager suffered the loss of €800m in client outflows and €2.2bn in negative market movements since it reported in March. At its peak in 2004 the bank had €57bn in funds under management but has languished because of poor investment performance and the departure of top personnel. It manages €42bn in funds.