Bladex Sells Asset Management Unit to Managers

Banco Latinoamericano de Comercio Exterior (Bladex) has agreed to sell its asset management unit to members of its own asset management team, it says. The buyer is a newly-formed company, Alpha4X Asset Management, majority-owned by CIO Manuel Mejia-Aoun and other members of Bladex’s asset management team. The multilateral lender does not disclose the value of the unit, which was founded in 2006 with an initial investment of $100m. A spokeswoman declined to provide additional information. Also reinsurer XL Group has agreed to acquire a minority stake in Alpha4X. Bladex will continue in its role as anchor investor of the flagship fund for a period of up to three years, with an investment amount reducing until it exits. Bladex will also enjoy certain revenue-sharing rights during the three years. The sale of the unit is expected to close in the second quarter of 2013.