RHJ International should scrap a plan to buy Deutsche Bank's BHF-Bank and break itself up, several hedge funds holding shares in the Belgium company said Tuesday.

In a letter, Equilibria Capital, Polar Capital, Mantra Investissement, Alpha Plus and Overseas Asset Management said they want RHJI to focus on its core holding, UK private bank Kleinwort Benson, remove a "burdensome corporate structure" and return around €150m ($194m) of its roughly €255.5m cash pile to shareholders.