Fortis sell IAM to management

by Richard Kilner

Story link: Fortis sell IAM to management

International Management Limited (IAM) has been sold by Fortis to its management team.

IAM was established in 1989, and is based in London with (as of the end of March) $4.3bn in assets under management.

It was formerly a subsidiary of ABN Amro Asset Management, which was taken over by a consortium of Fortis, RBS and Santander last year.

Lex Kloosterman, executive committee member responsible for asset management, said that the firm had come to the decision that an MBO would be the optimal solution for all concerned.

Kloosterman went on to wish IAM all the best for the future, adding that Fortis retains its commitment to the fund-of-hedge fund sector via its majority stake in Cadogan Management.

Fortis will accrue some solvency relief from the deal, and no real impact is expected for its net profit per share.