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Fortis sells hedge fund International Asset Management

Reuters – Belgian-Dutch financial services group Fortis said on Wednesday it had sold former ABN AMRO unit International Asset Management IAM.L as part of a strategy to bolster its balance sheet.

Fortis said in a statement it had sold London-based fund-of-hedge-funds manager IAM to its management, supported by certain third party investors.

The deal would not have a material impact on Fortis’ net profit per share but would give some solvency relief, it said.

Fortis two weeks ago announced a programme to shore up its finances by 8.3 billion euros (6.6 billion pounds), partly by selling assets, after buying parts of former rival ABN AMRO.

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