The sale will be made to comply with regulations. Fortis had to sell one of its asset management companies in China and opted to keep Fortis HaitongInvestment News reports.
Old Mutual has agreed to buy a 49% stake in ABN Amro Teda Fund Management from Fortis Bank for around 165 million ($244 million) in cash.
Old Mutual is an international savings and wealth management company based in the UK. As of 30 June ABN Amro Teda Fund Management had an AUM of around Rmb21.1 billion ($3.1 billion).
The full stry is available at the Investment News Web site.