ABN AMRO closes acquisition of International Asset Management
ABN AMRO Asset Management has completed its acquisition of 100 per cent of International Asset Management (IAM).
The company announced a definitive agreement to acquire IAM on 20 January and has now received regulatory approval from the UK Financial Services Authority.
IAM is a specialist fund of hedge funds manager with circa USD 2.8 billion of assets under management, and according to ABN AMRO, a carefully planned integration process is now underway.
'We are looking forward to working more closely with our partners at IAM now that the deal has closed,' says Kevin Smith, Chief Investment Officer Equities at ABN AMRO Asset Management. 'Through our shared values of excellent client service and strong performance we hope to maximise the benefits of the acquisition while maintaining business as usual for existing clients.'
Background notes: ABN AMRO Asset Management is one of the world's leading asset managers, with significant experience in managing assets for private investors and for institutional clients. It manages assets of EUR 176.2 billion (as at 31 December 2005) and is a unit of Netherlands-based ABN AMRO, a leading international bank with total assets of EUR 880.8 billion (as at 31 December 2005). It has over 3,000 branches in approximately 60 countries and territories and is listed on the Euronext and New York stock exchanges.
IAM is a leading fund of hedge funds manager, specialising in the investment management of bespoke diversified portfolios for institutional and private clients. IAM, which was founded in 1989, is one of the oldest and strongest performing investment managers; its flagship fund, Alternative Investment Strategies Ltd, has had a 10.53 per cent annualised return since its inception in 1996.
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