SYDNEY (HedgeWorld.com)–ABN AMRO has bought a 50% stake in Absolute Capital Group Ltd.
Absolute Capital, which spun off from AM Corp. Ltd. in June 2001 (see Previous HedgeWorld Story), specializes in alternative investments, including funds of funds. The firm has about A$250 million (US$221 million) in assets from institutional, wholesale and retail investors in Australia and New Zealand.
As part of its investment, ABN AMRO appointed Col McKeith, head of Australian financial markets for ABN AMRO, and Gary Simon, director of new business initiatives, to the Absolute Capital board of directors. The bank also plans to name a non-executive director soon.
In a statement, Absolute Capital Managing Director Deon Joubert said ABN AMRO’s investment would help his company grow.