ABN Amro Asset Management announced Friday that it had a definitive agreement to buy International Asset Management, a fund of hedge funds manager.
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The asset unit of the Dutch banking giant agreed to buy 100% of the share capital of the London and New York fund of hedge funds manager, which has $2.6 billion under management. The deal is expected to close this quarter; its terms were not disclosed.
The deal would help ABM Amro offer hedge fund products to midsize and large institutions. The banking company's existing fund of hedge funds operation has $1.4 billion under management and would be combined with International Asset Management.
