US – ABN Amro Asset Management has sold its $6bn US mutual fund business for $36.6m to focus on institutional business.

It said it is selling the business, which involves 19 mutual funds, to Highbury Financial Inc., a new company formed to buy financial market assets. The Dutch bank will continue to provide investment advisory services to the funds.

“The transaction will allow ABN Amro Asset Management to intensify its efforts on the institutional market, which represents over $35bn of core business in the United States,” the bank said.

“This is an excellent opportunity to place even greater focus on the institutional side of the business,” said ABN Amro AM’s interim chief executive and president in the US, Nancy Holland.

Under the terms of the deal, Highbury’s investment advisor Aston Asset Management will become the advisor of the 19 funds.

Aston will enter into sub-advisory agreements with the current ABN Amro advisory firms for the continued management of the funds.