Artemis Asset Management was dragged unwillingly into the spotlight last week as Fortis, its new owner, prepared to look for a buyer immediately on completing the deal.
Fortis’s purchase of ABN Amro’s Dutch business for €24 billion (£18.8 billion) has proved costly as the struggling bank is already seeking to sell its new acquisition after a bail-out by the Netherlands, Belgium and Luxembourg governments.
ABN Amro held a 67.1% stake in Edinburgh-based Artemis, which has found itself entangled in the struggling bank’s efforts to recapitalise. Under the terms of the sale Fortis was obliged to buy the remaining 32.9% of Artemis’s share capital within 12 months, which it duly did for €397.2m.
“It’s the turmoil in the market that has triggered the change of control,” says Nick Wells, product and communications director at Artemis in London.