Although U.S. fund manager Federated Investments is said to be frontrunner to acquire Artemis, the Edinburgh-based fund manager which has been put up for sale by Fortis, fund managers here believe that a management buyout with a major US private equity firm - along the lines of Jupiter's MBO with TA - seems more likely.
There are rumours that a Scottish fund manager is also keen to acquire Artemis. At a price tag of $1.5 billion, a decision is expected within weeks.
Jupiter's CEO Edward Bonham-Carter had said last year that his deal with TA would be a precursor to other big deals in the market. But with the drying up of liquidity, these kind of transactions have also vanished. If an Artemis-led MBO does materialise, perhaps it is a sign that markets are beginning to show some signs of normality?
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