Fortis sells Artemis to US firm

Roll of dollars

Fortis Bank has sold off UK fund manager Artemis to Affiliated Managers Group (AMG), a US asset management company.

AMG will own the majority of the company, with Artemis' management team, led by Mark Tyndall, owning a smaller stake. The management team will also continue to run the firm day-to-day.

Tyndall says he is delighted that Artemis is returning to owner-management and calls it an "excellent outcome for our clients".

He adds: "Our affiliation with AMG will allow us to continue to attract and retain talented staff and to develop our business in the best interests of our clients."

Sean Healey, AMG's president and chief executive officer, says an independent Artemis will be well positioned for further growth in the UK, Europe and the Middle East. "We have tremendous respect for the experience and talent of the management team and are pleased to partner with them in purchasing the Artemis business," he adds.

The transaction remains subject to regulatory approval, and is expected to close in April.

The market had been anticipating a sale of Artemis, with the Belgian bank - a subsidiary of BNP Paribas - under pressure to offload non-core assets as part of the European banks' capital requirements.

AMG is a $231 billion US-listed investment firm, with equity investments in various boutiques.

The acquisition of Artemis is AMG's second UK investment, following an investment in London-based emerging markets manager Genesis Investment Management in 2004.

Artemis manages £10 billion in assets across a range of mutual funds and segregated institutional accounts. It was founded in 1997.

Fortis acquired a large stake (67.1%) in Artemis in April 2008 when Artemis was transferred from ABN Amro. In October that year it bought the remaining 32.9% of Artemis giving it sole ownership and lining up Artemis for a possible future sale.

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