RHJ International, the Belgian holding company which is due to close its purchase of UK private bank Kleinwort Benson next month, has acquired KBC Asset Management Dublin from its Dutch parent for a total upfront cash consideration of €23.7 million (around $29.1 million), subject to closing adjustments.

Under the deal, which is subject to regulatory approval, KBC Asset Management NV will also receive 50 per cent, up to a maximum of €3.5 million, of a potential future capital reduction at KBCAM Dublin.

KBC Asset Management, which will operate under the Kleinwort Benson brand going forward, has around €4 billion in assets under management (which are managed on a discretionary basis for institutional clients primarily based in Ireland, Asia and North America). The firm’s specialist areas are environmental equities, dividend-oriented equities and multi-assets strategies.

Leonhard Fischer, chief executive of RHJI, said in a statement that the acquisition represented “a further step in the transformation of RHJI into a dynamic financial services group.”

“KBCAM Dublin has strong relations to institutional clients and wholesale distribution partners in international markets. They are an ideal complementary addition to our financial services platform, leveraging the Kleinwort Benson brand," he said.

RHJI’s stated strategy is to build a wealth management and advisory business under the Kleinwort Benson brand with €10 billion in assets under management. The firm’s acquisition of the private bank was first announced in October of last year - the deal being worth some £225 million.

RHJI’s other holdings include several financial services firms, including Bevall Capital and Quirin Bank, and a number of industrial companies.