Panama-based Banco Latinoamericano de Comercio Exterior S.A., or Bladex, (BLX) Tuesday finalized a deal for the sale of its asset management unit.
The unit will be sold to Alpha4X Asset Management LLC, a newly-formed company that is majority-owned by the current asset management team, led by the unit's Chief Investment Officer Manuel Mejia-Aoun. As part of the sale, a unit of insurer XL Group plc (XL) will acquire a minority stake in Alpha4X.
In 2006, Bladex seeded the asset management unit's flagship fund with an investment of $100 million. Bladex said it will continue in its role as anchor investor of the flagship fund for a period of up to 3 years, with a reduced investment amount, while enjoying certain revenue-sharing rights.
As part of the deal, a unit of XL will also become an anchor investor in the unit's flagship investment fund.
Bladex expects the sale of the unit to close in the second quarter of 2013.
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