The management of International Asset Management has bought the company from Fortis, following a strategic review ongoing since the merger, completed in April, of Fortis Investments and ABN Amro Asset Management.

The ownership of IAM now rests with a broad group of employees supported by two new external shareholders, Sir Ronald Cohen co-founder of Apax Partners and Jefferies Group.

Launched in April 1989, IAM was privately owned until February 2006 when it was acquired by ABN Amro and became the fund of hedge fund team within the Dutch bank, but since February 2006 has acted independently.

The entire IAM team including the original founders remains with the firm.

The firm says that future plans include increasing IAM’s global reach and audience, developing a broader sales and distribution network whilst maintaining a focus on tailor-making fund of hedge funds investment solutions for institutional and private clients.

Morten Spenner, IAM’s chief executive said: “We feel this MBO is the optimal solution for IAM clients and employees and we appreciate the support shown by Fortis to reach this conclusion. Over time, we have developed a strong and cohesive team which is committed to being amongst the very best in the industry.  Our future as an independent specialist is an exciting opportunity for us all.”

The firm has $ 4.3 billion in assets under management.