IAM Celebrates Independence Day

Jul 9 2008 | 9:31am ET

International Asset Management, a $4.3 billion fund of hedge funds, has made a break from parent company Fortis via a management buy out.

Ownership of IAM now rests with a broad group of employees supported by two new external shareholders: Ronald Cohenm the co-founder of private equity firm Apax Partners and currently chairs Portland Capital and Bridges Ventures, and Jefferies Group. Future plans for the firm include increasing IAM’s global reach and audience, developing a broader sales and distribution network, and continuing its focus on tailor-making fund of hedge funds for institutional investors.

“We feel this MBO is the optimal solution for IAM clients and employees and we appreciate the support shown by Fortis to reach this conclusion,” Morten Spenner, IAM’s CEO, said. “The support which Sir Ronald and Jefferies are showing us, as well as our financing partner, ING Capital, represents a significant vote of confidence in IAM as a business and as a team.”

IAM was founded in April 1989 and was privately owned until February 2006 when it was acquired by ABN Amro Asset Management, which merged with Fortis in April. The firm’s flagship fund, Alternative Investment Strategies, was the first closed-ended fund of hedge funds to list on the London Stock Exchange in 1996.

Jefferies Putnam Lovell acted as IAM’s financial advisor in the transaction and Cleary Gottlieb Steen & Hamilton provided IAM’s legal advice.

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