Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Bladex agrees to offload asset management operations to Alpha4X

Supranational bank Banco Latinoamericano de Comercio Exterior has entered into a definitive agreement with Alpha4X Asset Management to dispose of its asset management unit, for an undisclosed sum.

Alpha4X Asset Management is a newly established company that is majority owned by the current asset management team, headed by the unit’s current chief investment officer Manuel Mejia-Aoun.

Based on the terms of the agreement, a subsidiary of XL Group plc (XL) will purchase a minority equity stake in Alpha4X as part of the sale.

Subject to relevant regulatory approval, the transaction is likely to complete during the second quarter of 2013.

After completion of the transaction, Bladex will continue in its role as the first investor of the flagship fund for a period of up to three years, with a reduced investment amount, and certain revenue-sharing rights.

Further, an XL subsidiary will also become an anchor investor in the unit’s flagship investment fund, according to the agreement.

Based in Panama, Bladex was originally founded by the central banks of Latin American and Caribbean countries to promote trade finance in the region.