Saying it wants to focus more closely on its institutional business, ABN AMRO announced late last week that it would sell the retail division of U.S. mutual fund business to Denver-based Highbury Financial for $38.6 million.

The deal, which is expected to close later this year, includes 19 funds with a collective $6 billion in assets under management, The Associated Press reports. ABN AMRO's asset management unit would continue to advise the funds. Officials at Netherlands-based ABN said it would turn its full attention to its core business, a $35 billion institutional market.

Highbury Financial formed in 2005 with the goal of acquiring one or two financial services businesses, according to Reuters. It went public in January. Company officials said they plan to rename the funds Aston funds after Aston Asset Management, a limited liability company formed by Highbury for the means of purchasing the ABN funds.

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