State Street Global Adivsors of Boston will buy Bank of Ireland Asset Management for about $79.3 million, State Street confirmed on Friday.
BIAM has about 500 clients, mostly Irish institutions, and invests most of its assets in equities. About 120 of its staffers will be transferred to SSgA once the deal is completed in the first quarter of 2011.
State Street is considered one of Ireland's largest fund administrators.
The transaction has been in the works for several months as part of the Bank of Ireland's restructuring plan, approved by the European Commission in July.
