ABN AMRO Asset Management will acquire in total the share capital of International Asset Management (IAM), a fund of hedge funds manager with $2.6 billion in assets under management.
IAM specializes in the investment management of bespoke diversified portfolios for institutional and private clients. ABN AMRO Asset Management will combine IAM with its existing fund of hedge funds operations, which currently have $1.4 billion under management.
"This transaction will significantly add to the expertise of ABN AMRO Asset Management's fund of hedge funds management capacity and will enable ABN AMRO Asset Management to broaden our best-of-breed funds and bespoke products to our clients," said Sarah Russell, CEO of ABN AMRO Asset Management, in a release.
The sale, pending regulatory approval, is expected to close during the first quarter of 2006. Terms were not disclosed. The transaction was advised by Hawkpoint Partners and Clifford Chance for ABN AMRO Asset Management, and Putnam Lovell NBF Securities and Simmons & Simmons for IAM.