Old Mutual expands in China with TEDA acquisition
Old Mutual has acquired a 49% stake in TEDA Fund Management from Fortis, the Belgian-Dutch financial group, for approximately €165 million (£131 million) in cash.
TEDA is a Chinese joint venture which Fortis acquired last year when it joined forces with Royal Bank of Scotland and Santander to buy Dutch bank, ABN Amro.
The sale of the asset management business has since been required by regulators, Fortis having taken over ABN’s asset management business in April of this year.
According to Old Mutual, TEDA is well-established and well-managed and the acquisition represents the insurer’s first significant entry into China’s asset management sector.
The group’s Asia Pacific President, Steffen Gilbert, says the joint venture will play a significant role in developing the company’s international strategy and that the new partnership lays the foundations for its further expansion in Asia.
Old Mutual currently provides asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific.
At the end of last year, the group said it had £279 billion of funds under management.
TEDA was founded in 2002 and has €2.05 billion in assets under management.
Category: Insurance News
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