Kevin Dolan's first year in charge of Bank of Ireland Asset Management has been marked by more lows than highs, but he is confident the mood is improving.

The operation, once the jewel in the crown of Ireland's second-largest listed company, has been hit by persistent mandate losses and defections of senior investment managers. Funds under management belonging to US and Canadian clients have plummeted from €23bn ($28bn) to €6.6bn in the past 18 months, a decline of over 70%. More than €13bn of the fall occurred in the year to November 23.