September 30, 2008 / 10:56 PM / 10 years ago

Fortis buys rest of Artemis Asset Management

AMSTERDAM, Sept 30 (Reuters) - Partially nationalised Fortis FOR.AS FOR.BR said late Tuesday it had bought the remaining stake in UK-based investment management firm Artemis Asset Management Limited for 397.2 million euros ($568.6 million) in cash.

Fortis inherited a 67.1 percent stake in the company through the acquisition of ABN AMRO Asset Management.

“The step-up investment was pursuant to a prior contractual arrangement with Artemis management shareholders,” Fortis said in a statement.

Artemis had assets under management of about 18.7 billion euros at the end of June, and Fortis said it was looking at strategic options for the business.

The announcement comes two days after the governments of Belgium, the Netherlands and Luxembourg swooped in to rescue Fortis with a 11.2 billion euros capital injection.

The problems at Fortis, whose shares dropped by 50 percent in September, were partly blamed on its taking a slice of ABN AMRO in last year’s 70 billion euro purchase of ABN with partners Royal Bank of Scotland (RBS.L) and Santander. (Reporting by Harro ten Wolde, editing by Richard Chang)

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