State-controlled Allied Irish Banks has sold its Dublin-based asset management arm to South African investment management firm Prescient Holdings for an undisclosed sum. AIB was effectively nationalised last year and is shrinking its operations as part of an EU-IMF bailout. It was ordered to sell its asset management arm last year under a restructuring agreement with the European Commission. The unit employs over 100 people and had €8.4bn (£7.3bn) in assets under management as of last month. Irish Life Investment Managers had been chosen as the preferred bidder for the asset before EU-IMF stress tests revealed its parent group needed to raise €4bn extra capital. The asking price at the time of the first, unsuccessful sale was around €25m.