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Old Mutual buys ABN Amro TEDA stake

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Old Mutual is to buy the 49% stake that Fortis Bank holds in ABN Amro TEDA Fund Management, a Chinese asset management joint venture, for about €165m in cash.

Chinese investment company Tianjin TEDA Investment Holding, which had assets under management of €2.05bn on 30 June, owns the other 51%.

The sale by Fortis is the result of regulatory compliance following April’s acquisition of the asset management business of Dutch bank ABN Amro.

“Due to regulatory requirements of the PRC, we had to sell one of two very successful companies, namely Fortis Haitong or ABN AMRO TEDA Fund Management,” said Lex Kloosterman, member of the Fortis Group Executive Committee and responsible for Asset Management.

“This is a rare opportunity to buy a sizeable stake in a well established and well managed asset management business in the region,” said Old Mutual's Asia Pacific President Steffen Gilbert.

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