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Artemis set for buyout

Artemis Investment Management is set to be bought by its senior management and US fund house Affiliated Managers Group.

The senior management has reached a definitive agreement with AMG to buy 100 per cent of the equity from Fortis Bank, a subsidiary of the BNP Paribas Group.

The deal will see AMG hold a majority stake in the firm with the senior fund management of Artemis continuing the day-to-day running of the business.

Artemis launched in 1997 and currently has £10bn of assets under management across its retail and institutional ranges. The firm has a number of leading fund managers in the shape of Adrian Frost, Tim Steer and William Littlewood.

AMG specialises in equity investments in firms it sees as leading boutique investment management businesses. The firm currently has £145bn of assets across 300 investment products.

Artemis founding partner and chief executive Mark Tyndall (pictured) says: “”I am delighted that Artemis is returning to owner-management in partnership with AMG. 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. We have a strong, team-oriented culture and a focus on linking our fund managers’ interests with those of the firm and our clients.”

“By partnering with AMG, we will become part of a high quality organization with global scale and a proven partnership approach. This will provide both the management team and successive generations with meaningful equity stakes that align our interests with those of our clients. At the same time, this structure will preserve the successful characteristics and core elements of our business. We believe that this is an excellent outcome for our clients.”

AMG president and chief executive officer Sean Healey says: “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.

“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.”

Artemis directors of communications Ross Leckie says: “This will give us our independence back but will see no change to the way Artemis runs as a business. It is business as usual. AMG is going to have a majority stake but we have no precise details on figures at this stage.”

The transaction is subject to regulatory approval, with the deal expected to close at the start of the second quarter of 2010.

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