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ABN Amro fails with Artemis bid

ABN Amro is known to have made an unsuccessful approach to buy fund boutique Artemis following the resignations of its star managers Nigel Thomas and George Luckraft.

The approach is thought to have been made last month as ABN tried to replace the managers, who run around £1.3bn of the firm&#39s £1.5bn of UK funds, with a deal that would prevent investors leaving in droves.

But Artemis, which rebuffed an approach from New Star five months ago, made a counter bid, offering to buy ABN&#39s UK book.

ABN&#39s options are now either to replace Luckraft and Thomas, acquire a new UK team or buy another business. It says it cannot comment on what option it is pursuing.

Artemis managing director Jamie Campbell says: “We are very happy as an independent, vibrant business.”

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