Asset management firm sold for €23.7m
Belgian investment company RHJ International said yesterday it is buying Dublin-based KBC Asset Management (KBCAM) for €23.7m in cash.
Fellow Brussels-based KBC Group, which is undergoing a massive disposal plan following its €7bn state bailout to get it through the financial crisis, said the disposal was "in line with its renewed strategy".
The acquisition is part of RHJI's aim to build a wealth management and advisory business under the Kleinwort Benson name with assets under management reaching €10bn.
Its acquisition of Kleinwort Benson from Germany's Commerzbank is scheduled to complete next month.
The purchase of KBCAM in Dublin, which employs 62 people and has about €4bn of assets under management, is expected to go through by the end of this year.
KBCAM specialises in environmental investment and bonds are understood to be the key attractions for RHJI.
KBCAM Dublin's chief executive Sean Hawkshaw said: "Our clients can be assured that the teams in Dublin and the US remain in place and committed to delivering the best possible investment returns and service as a priority."