KBC Asset Management Dublin Limited will be sold to Brussels-based RHJ International for an upfront cash payment of €23.7 million.
Belgian financial services group KBC has agreed to sell its Irish asset management arm which manages about €4 billion for global institutional clients.
The company has said that the 58 staff employed in Dublin will not lose their jobs.
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 in an RTE report.
“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.
