US – Fortis said it has agreed to buy US asset manager Dryden Wealth Management from Prudential Financial for up to €118m, giving it an extra €9bn in assets.

The move follows separate announcements earlier this week from Pioneer and BNP Paribas that they planned to buy US-based asset management firms.

Fortis chief executive Jean-Paul Votron said earlier this year that the group – which he termed a “diamond in the rough” - would consider “selective acquisitions and partnerships” to boost growth.

“This acquisition fits in with our strategy to grow our commercial and private banking services, particularly in Europe and Asia,” said Karel De Boeck, head of Fortis’ commercial and private banking arm.

Dryden provides services to rich people such as on- and offshore investment management.

It has offices in London, Amsterdam, Monte Carlo, Geneva, Hong Kong, Singapore and Taipei. The business, which also includes a Geneva-based private bank based, has more than 400 staff.

Dryden will operate under the Fortis name as from 2006. Until then Fortis will use the Dryden trademark under licence.

De Boeck added: “Dryden's network is the ideal complement to our activities in private banking.

“It will allow us to develop a wealth management platform in the UK and Monaco and to strengthen our existing position, mainly in Asia as well as in Switzerland and the Netherlands.”

“We believe Fortis's commitment to international wealth management and private banking will provide significant opportunities for our business, our investment professionals and our clients,” said Dryden chairman Carol Robbins.

“In time, through Fortis's unique positioning of its commercial and private banking activities, Dryden will have access to a broader range of high quality products and services to serve the financial needs of our clients.”

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