On January 5, 2017, Donal Roche, the founder of Covestone Asset Management, announced Bank of Ireland Private had acquired Covestone.
Covestone Asset Management (“Covestone”) was founded in 2008 and is based in Dublin, Ireland. The deal was signed by Covestone and Bank of Ireland Private in December and is for an undisclosed sum. Mr. Roche’s daughters manage the Roche family’s property and private equity investments, which are not part of the deal. The deal is subject to approval from the Central Bank.
Covestone has approximately €100 million in assets under management. Bank of Ireland Private has approximately €4 billion in assets under management.
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