ABN AMRO, the Dutch banking group, has sold one of its hedge fund servicing arms in the US for $250 million (150.6 million) to Swiss- owned UBS.

The prime brokerage business provides securities clearing, funding, custody and other services to US managers.

It was not seen as core to ABN’s global strategy of servicing cross-border international clients.

ABN AMRO, the Dutch banking group, has sold one of its hedge fund servicing arms in the US for $250 million (150.6 million) to Swiss- owned UBS.

The prime brokerage business provides securities clearing, funding, custody and other services to US managers.

It was not seen as core to ABN’s global strategy of servicing cross-border international clients.