UK - ABN AMRO Asset Management is to acquire US$2.6bn fund of hedge funds manager International Asset Management (IAM).
The firm announced it had entered into a “definitive agreement” with IAM’s shareholders to buy 100% of the share capital of the business.
IAM, a London and New York-based fund of hedge funds manager, is expected to be bought by ABN AMRO, pending regulatory approval, during the first quarter.
ABN AMRO’s existing fund of hedge funds operations, with a total $1.4bn of assets under management, will be combined with IAM.
According to the announcement, all five of IAM’s partners including chairman Albert Fuss and MD Anthony Howard will “continue to be involved in the day-to-day running of the business”.
“We decided to approach IAM after a rigorous search across the industry. They have exactly the combination of history, people and performance to bring critical mass to our fund of hedge funds business,” remarked Kevin Smith, chief investment officer equities at ABM AMRO AM.
IAM’s flagship fund “Alternative Investment Strategies” has had a 10.11% annualised return since its inception in 1996.
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