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Fortis sells International Asset Management; to boost bank

CNBC- Fortis NV. said it has sold its London-based hedge fund manager International Asset Management (IAM) to its management team, supported by third party investors, for an undisclosed sum.

The Belgian-Dutch bancassurer said the transaction will boost its solvency ratios, without specifying further, but will have no material impact on EPS.

The company was not immediately available for further comment.

IAM is one of the former units of ABN Amro Asset Management acquired by Fortis in the consortium takeover launched with RBS and Santander for the Dutch bank in 2007. On March 31, it had $4.3 billion of assets under management.

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