Tue, 05/02/2008 - 06:00
Sub-investment advisory responsibilities for assets within the ABN Amro Alternative Investments Sicav range, managed by the group's fund of hedge funds management subsidiary International Asset Management for the past two years, are to be transferred to New-York-based Cadogan Management.
Cadogan is majority owned by Fortis Investments. The decision to transfer investment responsibilities follows the acquisition of the ABN Amro funds by Fortis as part of the three-way acquisition of the Dutch group along with Royal Bank of Scotland and Spain's
The move includes funds that were transferred to International Asset Management when the firm was acquired by ABN Amro in February 2006, plus some launched in the past year as clones of existing IAM mandates, which will remain with the London-based manager. The transfers represent just over 22 per cent of IAM's current USD5.9bn in assets under management.
IAM, which was founded in 1989 and retained a level of independence within ABN Amro, will continue to manage more than USD4.6bn for institutional and private investors in bespoke segregated fund of hedge funds portfolios and specialist mandates including the flagship London-listed Alternative Investment Strategies fund.
'Our focus remains unchanged, providing IAM's core portfolio management skills to discerning investors, founded on the expertise of our senior investment management team, the quality of our hedge fund manager relationships and an enduring commitment to investor service and education,' says the firm's chief executive Morten Spenner.
Cadogan is a registered investment advisor and provider of alternative investment solutions to institutional and family office investors. It is 70 per cent owned by Fortis Investments, the asset management arm of the Fortis group, which had some EUR131bn in assets under management as of last June.
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