Fortis has closed three small hedge funds in the aftermath of its acquisition of part of ABN Amro and merger of the Belgian and Dutch banks’ asset management operations, according to a report in the Financial Times.
The Fortis European long/short fund, which had €120m ($167m) under administration, was shut after the decision to rope in the ABN European equity team, led by Andrew King.
The convertible arbitrage fund was shut in order to free up staff to focus on the enlarged long-only convertible bond funds. The final fund, a US long/short fund, was shut at the end of last year, the FT report said.
