UK/BELGIUM - Fund of hedge fund (FoHF) manager International Asset Management (IAM) has announced it has parted company with Fortis after a full management buyout.
Lex Kloosterman, member of the Fortis Group executive committee and responsible for asset management, said: "Following a strategic review of our investment in IAM, we concluded that a management buyout would be the best solution, reflecting the interests of all stakeholders, including our shareholders, and IAM's customers and employees.
"We wish management every future success," Kloosterman added.
The buyout followed a strategic review after the merger of ABN AMRO and Fortis. Financing for the deal was provided by ING Capital.
The company is now owned by a broad group of employees, Jeffries Group and Sir Ronald Cohen, a founder of APAX Partners and current chair of Portland Capital and Bridges Ventures.
Morten Spenner, CEO, IAM, said: "We feel this MBO is the optimal solution for IAM clients and employees.
"Our future as an independent specialist is an exciting opportunity for us all," Spenner concluded.
IAM was independently owned from its launch in April 1989 until early 2006, when it was acquired by ABN AMRO. In 1996, IAM was the first company to launch a closed-end FoHF on the London Stock Exchange.
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