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FORTIS (EBR:FORB) Fortis has increased its equity interest in Artemis Asset Management Limited ("Artemis"), a UK based investment management firm, from 67.1% to a sole shareholding position. ABN AMRO Asset Management had held a majority interest in Artemis since 2002, which was transferred to Fortis in April 2008. The step-up investment was pursuant to a prior contractual arrangement with Artemis management shareholders. The cash consideration was EUR 397.2 million (GBP 317.2 million).
Artemis management remains fully committed to the business. Fortis and management are in close dialogue regarding future strategic options for Fortis's interest in Artemis.
Artemis was established in 1997 as a dedicated active investment management house specialising in investments for retail investors. Clients' investments are spread across a range of unit trusts, an investment trust, hedge fund products, venture capital trusts, an international SICAV as well as segregated institutional portfolios. It had assets under management of approximately EUR 18.7 billion (GBP 14.8 billion), as at 30 June 2008.
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. We have a presence in over 50 countries and a dedicated, professional workforce of more than 65,000. More information is available at www.fortis.com.
