BAE Systems has agreed to sell its asset management business and its portfolio of BAe 146s and Avro RJs to New York-based Fortress Investment Group for US$187 million. The sale includes BAE Systems’ entire portfolio of regional aircraft, including 107 BAe 146 and Avro RJs, as well as 44 turboprops (ATPs and Jetstream 32s and 41s), for a total of 151 aircraft, as well as responsibility for aircraft being managed on behalf of third parties. The asset management business currently has 16 lease customers in 11 countries. Since it was founded in 1993, it has concluded over 1800 lease, sale, and other transactions worth more than US$3.1 billion. BAE Systems is retaining the support and engineering activities of BAE Systems Regional Aircraft. “We believe this business will have a promising future and that we have found a buyer with the resources and expertise to support the growth of this activity,” said BAE Systems Regional Aircraft managing director Alan Fraser. The sale is subject to regulatory approval; it is expected to close in the third quarter of 2011.