The sale of KBC Asset Management (Dublin) was first announced in June, at which point the firms said the deal would entail a total upfront cash consideration of €23.7 million (around $33.1 million), subject to closing adjustments. In a statement on the closure of the deal yesterday KBC Group said that the impact of the sale on its earnings and capital is negligible “given the size and nature of the activities involved.”

“This transaction allows KBC Asset Management NV to continue to implement its strategy, which is focused on catering predominantly for KBC customers through the existing KBC distribution channels, mainly in the group’s core markets,” Danny De Raymaeker, chairman of the board of KBC Asset Management NV, said in a statement.

“KBC Asset Management NV’s strategy is thus fully in line with the updated KBC Group strategy, which focuses on retail customers, small and medium-sized enterprises and midcaps in KBC’s core markets of Belgium, Poland, the Czech Republic, Slovakia, Hungary and Bulgaria.”

Whereas historically the buyer of KBC Asset Management (Dublin) has been best known as an industrial holding company, RHJ International is now reinventing itself as a financial services group – the acquisition of Kleinwort Benson being the cornerstone of the firm’s strategy in this regard.

“KBC AM Dublin has strong relations with institutional clients and wholesale distribution partners in Ireland and international markets. It is an ideal complementary addition to our financial services platform, leveraging the Kleinwort Benson brand,” said Leonhard Fischer, chief executive of RHJ International.

Yesterday, it was reported that Sally Tennant, chief executive at Lombard Odier in London, was joining Kleinwort Benson in London to lead its private banking business.