BRUSSELS, Belgium, Jan. 5, 2015 (GLOBE NEWSWIRE) -- RHJ International ("RHJI") is announcing today that it has completed the sale of its interest in Ripplewood Advisors LLC ("Ripplewood Advisors") to an affiliate of Timothy C. Collins. Ripplewood Advisors was previously known as Kleinwort Benson Advisors LLC. The license of the name Kleinwort Benson Advisors has also been terminated.
Since its formation in January 2014, Ripplewood Advisors' pace of investment and capital needs have outpaced expectations. After determining that RHJI is unwilling to fund its share of these capital needs, RHJI has agreed to sell its interest in Ripplewood Advisors to Mr. Collins for cash consideration of $4 million.
For further information, please contact:
Investor Relations Director
Tel: +32 2 643 6013
About RHJ International:
RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. RHJ International is a financial services group with principal activities in wealth management, asset management and merchant banking. For further information visit: www.rhji.com.
Full Press Release (PDF) http://hugin.info/135946/R/1884207/665643.pdf
Source:RHJ International SA