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PRINT THIS PAGE Sir Ronald Cohen backs MBO of International Asset Management from Fortis09/07/2008. Source: AltAssets.
Apax Partners co-founder Sir Ronald Cohen, together with financial services firm Jefferies Group, has backed the MBO of fund of hedge funds manager International Asset Management from Fortis Investments. The deal follows the merger of Fortis and ABN AMRO Asset Management on 1 April 2008. Future plans for IAM include increasing the firm's global reach and audience, developing a broader sales and distribution network whilst maintaining a focus on providing funds of hedge funds for institutional and private clients, according to a statement.
Morten Spenner, CEO, IAM, said, 'IAM's new ownership structure generates a strong alignment of interests within the firm plus great depth of experience from our two new external shareholders. 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.'
Sir Ronald added, 'For more than a decade, IAM has proved itself to be one of the most successful managers in its field. I am pleased to become a shareholder and have every confidence that IAM has a bright future as an independent company under the leadership of its talented management team.'
IAM was established in 1989 and was acquired in February 2006 by AAAM. The firm has $4.3bn in assets under management, managing offshore commingled funds and its flagship fund, Alternative Investment Strategies, which was launched on the London Stock Exchange in 1996.
Sir Ronald is currently the chairman of investment management firm Portland Capital and venture capital firm Bridges Ventures.
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