Fortis has closed three hedge funds, succumbing to redemptions, lack of new capital and personnel changes.

The firm decided to close the funds after its acquisition by ABN Amro and the merger of the two firms’ asset management operations, the Financial Times reports.

The Fortis European long/short fund was closed after the dismantling of the ABN European equity team and the convertible arbitrage fund was killed off to free up staff to focus on the enlarged long-only convertible bond funds. The third fund, a U.S. long/short fund, was shut at the end of last year.

However, a Fortis spokeswoman said that media reports that the firm closed the funds because of problems with personnel were “exaggerated,” DutchNews.nl reports.

Fortis in July announced the sale of International Asset Management, a London-based fund-of-hedge-funds, to its management team.