Bank of Ireland Asset Management is boosting its equity research team. The move comes after the fund management business lost €15.5bn ($20bn) following poor investment performance and the departure of several managers. Its funds had underperformed their benchmarks for the past two years.

The bank is recruiting for a chief equities analyst, as "an ongoing development of the investment team", according to a source. Two new appointments include Jamie Wood, a portfolio manager previously at Newman Ragazzi Partners in London who joined last month as an equity manager, and Barry Glavin, who began this month as an analyst from HSBC Halbis Partners in London. In July, it appointed three managing directors – Chris Johns, Paul Boyne and Sean Crowe – to replace chief investment officer Chris Reilly. More than 500 Bank of Ireland employees are expected to strike tomorrow over what trade unions claim is a move to introduce a less favourable pension scheme for new staff.