Financial services group KBC said it has closed the sale of its Irish asset management unit to Brussels-based RHJ International (RHJI).
The deal, which was announced in June, has been approved by regulators.
The acquisition is part of a wider move by RHJI, which is listed on the Euronext stock market, to transform itself from an industrial holdings group into a wealth management adviser. It acquired UK brand RHJI plans to use the Kleinwort Benson in JUly, and plans to use this name in Ireland too.
KBC Asset Management Dublin Ltd employs 58 staff and manages about €4 billion for global institutional clients. Its products are based around three core areas: environmental equities; dividend-oriented equities; and multi-asset strategies.
The company had earlier said there would be no job losses and its operations in Dublin and New York would continue as usual.
KBC said its new strategy would be to focus on retail customers, small and medium-sized enterprises and midcaps in its core markets of Belgium, Poland, the Czech Republic, Slovakia, Hungary and Bulgaria.
"We are pleased about RHJI's investment in KBC Asset Management Ltd, which is the best avenue for KBC Asset Management Ltd's future growth and development," KBC Asset Management's Danny De Raymaeker said. "This transaction brings material benefits to the customers, employees and shareholders of KBC Asset Management Ltd."
