Profits at Bank of Ireland Asset Management fell by almost a quarter last year to to €66m ($89m), as the troubled funds division of the Irish financial group put the drop down to costs associated with a "turnaround phase".

Profits tumbled 22% in the 12 months to the end of March from €85m a year before, while funds under management dropped by €1.4bn to €43.7bn. That compares to a loss of €2bn the year before and €10.6bn during 2005.