Affiliated Managers Group (AMG) has reached a definitive agreement with Artemis Investment Management (Artemis) to acquire 100% of the equity of Artemis from Fortis Bank, a subsidiary of BNP Paribas Group.

Following the closing of the transaction, AMG will own a majority equity interest in Artemis, with Artemis’ management team also acquiring a substantial equity ownership and continuing to direct the day-to-day operations of the firm.

Sean Healey, president and CEO of AMG, said: “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.”

Mark Tyndall, founding partner and CEO of Artemis, said: “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.

“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.”

The transaction remains subject to regulatory approval, and is expected to close at the beginning of the second quarter of 2010.

AMG is a global asset management company with equity investments in boutique investment management firms. As of December 31, 2009 (pro forma for pending investments), the aggregate assets under management of AMG’s Affiliates were approximately $231bn in more than 300 investment products across a range of investment styles, asset classes and distribution channels.

UK-based Artemis is a fund manager, specializing in active investment management for retail and institutional investors in the UK, as well as Europe and the Middle East. With offices in London and Edinburgh, Artemis manages approximately GBP10bn in assets across a range of mutual funds and segregated institutional accounts.