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ABN AMRO sell US mutual funds op

ABN AMRO Asset Management Holdings has announced that it is to sell its US-based mutual funds operations for $38.6 million.

The Holland-based firm will sell the mutual fund business to Highbury Financial, although ABN AMRO will continue to be involved in the funds in an investment advisory capacity.

Speaking about the sale, Nancy Holland, interim CEO and president of ABN AMRO Holdings said that the company wanted to concentrate more on the institutional market, which is worth an estimated $35 billion to the company.

"This is an excellent opportunity to place even greater focus on the institutional side of the business," said Ms Holland.

"We are forming a strategic alliance with Highbury Financial that offers additional opportunities for distribution of our investment capabilities in the institutional market."

The sale will transfer an estimated $6 billion in assets under management, making up 19 mutual funds.

The deal should be finalised by the end of the year, pending US regulatory approval.