Cleary secures lead role on management buy-out of hedge fund pioneer IAM
Cleary Gottlieb Steen & Hamilton and Clifford Chance (CC) have taken the lead roles on the management buyout of one of the oldest fund-of-hedge-funds managers.
July 16, 2008 at 10:35 PM
2 minute read
Cleary Gottlieb Steen & Hamilton and Clifford Chance (CC) have taken the lead roles on the management buyout of one of the oldest fund-of-hedge-funds managers.
CC has advised European bank Fortis on the deal, which saw Fortis sell International Asset Management (IAM) to the fund's managers for an undisclosed amount. The magic circle law firm's team was headed up by London corporate partner Hilary Evenett, and assisted by tax partner Doug French.
IAM, which had around $4.3bn (£2.17bn) in assets under management at the end of March this year, turned to New York leader Cleary.
The deal is the first for IAM for the US firm's London office, which fielded a team led by corporate partner Michael McDonald and including finance partner Glen Scarcliffe.
IAM was originally established in 1989, making it one of the oldest companies of its kind. It specialises in tailor-making portfolios of hedge funds for institutional and individual clients.
Fortis announced late last month that it intended to boost its capital position by $12.5bn (£6.33bn) through the sale of its non-core operations and real estate arm.
The sale of IAM comes only months after the bank took on the fund through its April merger with IAM's owner, ABN Amro Asset Management.
The merger of Fortis and ABN was part of the wider Royal Bank of Scotland acquisition of ABN. On that transaction Fortis turned to Willkie Farr & Gallagher where a team including the firm's former London head, Gregory Astrachan, advised.
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