July 09, 2008 02:07 ET

Fortis sells International Asset Management Limited

BRUSSEL, BELGIUM--(Marketwire - July 9, 2008) -

Fortis has sold International Asset Management Limited (IAM) to its management team, supported by certain third party investors.

IAM is a London-based fund-of-hedge-funds manager, originally established in 1989. As at 31 March 2008 it had USD 4.3 billion in assets under management. IAM is one of the former subsidiaries of ABN AMRO Asset Management acquired by Fortis in the consortium bid launched with RBS and Santander for ABN AMRO in 2007.

Lex Kloosterman, member of the Fortis Group Executive Committee and responsible for Asset Management comments: "Following a strategic review of our investment in IAM, we concluded that an MBO would be the best solution, reflecting the interests of all stakeholders, including our shareholders, and IAM's customers and employees. We wish management every future success. Fortis remains fully committed to further developing our presence in the fund-of-hedge fund sector, through Fortis Investments' existing majority interest in Cadogan Management."

Morten Spenner, CEO of IAM adds: "We feel this MBO is the optimal solution for IAM clients and employees. Over time, we have developed a strong and cohesive team which is committed to being amongst the very best in the industry. Our future as an independent specialist is an exciting opportunity for us all. IAM's new ownership structure generates a strong alignment of interests within the firm plus great depth of experience from our two new external shareholders."

The transaction will not have a material impact on the Fortis net profit per share. Some solvency relief will accrue to Fortis.

Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. With a market capitalisation of EUR 23.9 billion (30/06/2008), Fortis ranks among Europe's top 20 financial institutions,. Together with ABN AMRO, we have a presence in over 50 countries and a dedicated, professional workforce of more than 85,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at

International Asset Management (IAM) is one of the oldest specialist hedge fund portfolio managers in Europe. IAM was founded in 1989 and has offices in London and New York. Assets under Management are approximately US$4.3 billion as of end March 2008. IAM continues to specialise in tailor-making portfolios of hedge funds for discerning institutional and individual clients.

Fortis Press Contacts:
Brussels:            +32 (0)2 565 35 84 Utrecht: +31 (0)30 226 32 19

Fortis Investor Relations:
Brussels:            +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66

IAM Press Contacts:
Gay Collins/Sarah Caddy, Penrose +44 (0)20 7786 4888 /
Rebecca Donaldson, IAM Head of   +44 (0)20 7734 8488 /

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