RHJ International has agreed with KBC Asset Management to buy KBC Asset Management Dublin for a total upfront cash consideration of EUR23.7m, subject to closing adjustments.
The seller will also receive 50 per cent, with a maximum of EUR3.5m, of a potential future capital reduction at KBC Asset Management Dublin.
KBC Asset Management Dublin is an asset management firm which manages approximately EUR4bn of discretionary assets for institutional clients.
It offers equity products in three core areas: environmental equities, dividend oriented equities and multi assets strategies.
Leonhard Fischer, chief executive officer of RHJ International, says: “We are very pleased to announce this acquisition as a further step in the transformation of RHJ International into a dynamic financial services group. KBC Asset Management Dublin has strong relations to institutional clients and wholesale distribution partners in international markets. They are an ideal complementary addition to our financial services platform, leveraging the Kleinwort Benson brand.”
Danny De Raymaeker, chairman of the board of directors of KBC Asset Management, says: “We are happy to announce today this agreement with RHJ International. The transaction perfectly fits within our renewed strategy. We are convinced RHJ International will be able to continue developing the successful franchise of KBC Asset Management Dublin, securing the future of its staff and assuring continued superior service to its customers.“
The acquisition is part of RHJ International’s strategy to build a wealth management and advisory business under the Kleinwort Benson name with assets under management reaching EUR10bn, assuming the successful completion of the acquisition of Kleinwort Benson scheduled in July 2010, and of the acquisition of KBC Asset Management Dublin which, subject to regulatory approval, is expected to be completed during the fourth quarter of 2010.
