Affiliated Managers Group (NYSE: AMG) and the management team of Artemis Investment Management ("Artemis") announced that they have reached a definitive agreement to purchase 100% of the equity of Artemis from Fortis Bank, a subsidiary of BNP Paribas Group (EPA: BNP). Terms of the transaction were not disclosed.
Following the closing of the transaction, Affiliated Managers Group will own a ‘majority equity interest’ in Artemis, with Artemis' management team acquiring a ‘substantial equity ownership’ and continuing to manage the day-to-day operations of the business.
Artemis is a UK based fund manager with approximately US$16 billion in assets under management across a range of mutual funds and segregated institutional accounts. Artemis currently has 17 fund managers.
Affiliated Managers Group is a asset management partnership which allows affiliates to own significant equity in their firm while maintaining operational autonomy. Genesis Investment Management, a London based emerging markets manager with US$22 billion under management is also part of the Affiliated Managers Group.
Sean M. Healey, AMG's President and Chief Executive Officer, said, "As one of the UK's most highly regarded investment management firms, Artemis offers an outstanding array of investment products with strong long-term performance records. Our partnership with Artemis will enhance AMG's existing international product set, as well as deepen our client base in desirable and fast-growing markets."
Mr. Healey added, "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. We believe an independent Artemis will be well positioned for further growth in both the retail and institutional markets in the UK, Europe and the Middle East."