ABN Amro Asset Management has sold its US mutual fund business to Highbury Financial for $38.6 million.
The transaction involves 19 mutual funds that have $6 billion under management. ABN Amro Asset Management said that it would continue to provide investment advisory services to the funds.
The financial services group said it was planning to use the funds to intensify its efforts on the institutional market, which represents over $35 billion of core business in the US
This is an excellent opportunity to place even greater focus on the institutional side of the business, said Interim CEO Nancy Holland of ABN Amro Asset Management.
We are forming a strategic alliance with Highbury Financial Inc. that offers additional opportunities for distribution of our investment capabilities in the institutional market.