RHJ International will buy KBC Asset Management Dublin from parent KBC Asset Management for €23.7 million ($29.2 million), “subject to closing adjustments,” according to a news release.
In addition, KBC Asset Management will also receive 50% of a potential future capital reduction at KBCAM Dublin, up to a maximum of €3.5 million, the release said.
The acquisition is expected to be completed by the fourth quarter.
KBCAM Dublin managed about €4 billion in institutional assets as of March 31 in environmental equities, dividend-oriented equities and multiasset strategies.
Arnaud Denis, a spokesman for RHJ, wasn't immediately available for comment.