RHJ International, a Belgium-based diversified holding company, has agreed to buy KBC Asset Management Limited Dublin (KBCAM Dublin) from Belgium-based KBC Asset Management for a total upfront cash consideration of EUR23.7m, subject to closing adjustments.
KBC Asset Management will also receive 50%, with a maximum of EUR3.5m, of a potential future capital reduction at KBCAM Dublin, said RHJ International.
KBCAM Dublin is a asset management firm which manages approximately EUR4bn (as of March 31, 2010) of discretionary assets for global institutional clients. KBCAM Dublin offers specialist equity products in three core competence areas: environmental equities, dividend oriented equities and multi assets strategies.
The acquisition is part of RHJI’s strategy to build a wealth management and advisory business under the Kleinwort Benson name with assets under management reaching EUR10bn, assuming the successful completion of the acquisition of Kleinwort Benson scheduled in July 2010, and of the acquisition of KBCAM Dublin which, subject to regulatory approval, is expected to be completed during the fourth quarter of 2010.
Leonhard Fischer, CEO of RHJI, said: “KBCAM Dublin has strong relations to institutional clients and wholesale distribution partners in international markets. They are an ideal complementary addition to our financial services platform, leveraging the Kleinwort Benson brand.”
Danny De Raymaeker, chairman of the board of directors of KBC Asset Management, said: “The transaction perfectly fits within our renewed strategy. We are convinced RHJI will be able to continue developing the successful franchise of KBCAM Dublin, securing the future of its staff and assuring continued superior service to its customers.”