Fortis sells International Asset Management to fund's managers
Hedge fund International Asset Management Ltd’s managers buy themselves out for an undisclosed amount.10 July 2008
AMSTERDAM - Fortis NV announced Wednesday it had sold hedge fund International Asset Management Ltd. to the fund's managers.
"IAM had a strategic review and decided they would buy themselves out," said Sarah Caddy, a spokeswoman for London-based IAM.
The 100 percent management buyout follows an April 2008 merger between Fortis Investments and ABN Amro Asset Management, which had bought IAM in 2006.
Fortis said in a statement the buyout would not affect its net profit per share and that the sale will result in "some solvency relief" for the company.
A Fortis spokesman in the Netherlands declined to say how much the sale was worth.
As of last 31 March, IAM managed EUR 2.7 billion in assets.
Fortis, one of Europe's largest banks, announced on 26 June it would sell noncore operations and real estate and suspend dividends for the year to boost its capital position by about USD 12.5 billion.
Fortis was one of three European banks that joined in a USD 110 billion buyout of rival ABN Amro Holding last year, the industry's largest-ever takeover.
[AP / Expatica]