Cleary Gottlieb Steen & Hamilton and Clifford Chance (CC) have taken the lead roles on the management buyout of one of the oldest fund-of-hedge-funds managers.

CC has advised European bank Fortis on the deal, which saw Fortis sell International Asset Management (IAM) to the fund’s managers for an undisclosed amount. The magic circle law firm’s team was headed up by London corporate partner Hilary Evenett, and assisted by tax partner Doug French.