WSJ – Affiliated Managers Group Inc., the Boston-based holding company of investments in hedge fund groups and other asset managers, Monday said it is taking a majority stake in U.K. fund manager Artemis Investment Management Ltd., formerly a unit of BNP Paribas SA’s Fortis Bank.<\/p>\n
The move comes as the asset management sector braces for further consolidation sparked by banks and insurers unloading non-core fund management businesses, and as some investment managers still struggling in the aftermath of the financial crisis look for stronger partners.<\/p>\n
As part of the 100% buyout from Fortis Bank, Artemis managers are taking a “substantial” equity stake, AMG said, and will continue to run the firm day-to-day. The fund manager has about $16 billion under management in mutual funds and institutional accounts. AMG didn’t say how much it is paying for its stake, and Artemis also declined to comment.<\/p>\n