KBC Alternative Investment Management, the hedge-fund manager unit of Belgian financial services conglomerate KBC Group, will close as part of the parents global cost-cutting measures.
In a news release today, KBC said the closure of the alternatives business will result in some job losses, although some of the 28 investment professionals will join other parts of the company. All client assets have been returned, according to the release.
Further details about the closure were not available. According the KBC AIMs investment adviser ADV form filed with the SEC, the unit managed about $2 billion.
U.S. hedge fund-of-funds manager Pacific Alternative Asset Management Co. announced on Dec. 2 that it was absorbing the investment team of KBC Alpha Asset Management, its clients and the $700 million the team managed in Asian hedge fund of funds. KBC Alpha was part of KBC AIM.