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Fortis Bank, a provider of banking and insurance services, Old Mutual, a UK-based international savings and wealth management company, and Tianjin TEDA Investment Holding have entered into an agreement for Old Mutual to acquire the 49 per cent stake that Fortis holds in ABN AMRO TEDA Fund Management. The deal for the Chinese asset management joint venture is worth approximately €165 million (£130.6 million).

The sale is the result of regulatory compliance following Fortis's acquisition in April this year of the asset management business of ABN AMRO Group, and is subject to approval by the China Securities Regulatory Commission and relevant government authorities.

Lex Kloosterman, responsible for Fortis Group Asset Management, commented: "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."

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

This partnership establishes Old Mutual's presence in the Chinese asset management market and lays the foundations for further expansion in Asia.

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