Private banking and alternative asset manager Robeco Bank of Belgium was purchased by Kaupthing Bank of Luxembourg, it was announced today.

Robeco was established in Rotterdam in 1929, and has EUR 142 billion ($201.5 billion) in assets under management (as of 31 December 2006). Their product range runs from equity and fixed-income investments, to money-market and real-estate funds and alternative investments, such as private equity, hedge funds and structured products.


George Möller, Chief Excecutive Officer of Robeco said, "The Belgian market has evolved enormously over these last years with most banks now operating an `open architecture´. They are increasingly incorporating the financial products of other specialist banks -including Robeco-. This opening up enables us to focus on third party distribution and on the institutional market in Belgium."

Magnus Gudmundsson, Managing Director of Kaupthing Bank Luxembourg said, "Robeco Bank Belgium represents an excellent strategic fit forKaupthing Bank in terms of geographic diversification, products and business culture. This acquisition is a logical step in building up Private Banking offerings in the Benelux countries. By taking over the activities of Robeco Bank Belgium we become immediately operational in Belgium and will have a platform for further growth".

Robeco has offices in Bahrain, Belgium, Germany, France, Japan, Luxembourg, Poland, Spain, the United States and Switzerland. Robeco has a bank license in Belgium, France and the Netherlands.