Belgian financial services group KBC has agreed to sell its Irish asset management arm for an upfront cash payment of €23.7m to Brussels based RHJ International.
KBC Asset Management Dublin Limited employs 58 staff and manages about €4 billion for global institutional clients. It has a strong client base in Ireland, Asia and the US.The company said there would be no job losses.
The acquisition by RHJ is part of a wider move to transform itself from an industrial holdings group into a wealth management adviser.
'RHJ International is an excellent owner for our firm. They have a dynamic, client-centric and innovative culture and we look forward to being an integral part of the group' commented KBC's Dublin's CEO Sean Hawkshaw.
'Our clients can be assured that the teams in Dublin and the US remain in place and committed to delivering the best possible investment returns and service as our absolute priority,' he added.
