Poetic acquisition for Fortis

Fortis adds Dryden Wealth Management to its private banking business with major ramifications for Asia.

In a move that looks set to boost its Asian private banking business, Fortis has acquired Dryden Wealth Management for $104 million. The investment management firm, which has $11 billion under management, was purchased from Prudential of the US.

Dryden, which is 50 years old, operates in four European countries as well as Hong Kong, Singapore and Taiwan. This acquisition fits exactly with our focus on the Asian markets, says Rob ten Heggeler, Chief Executive of MeesPierson, Fortis Bank's private banking arm.

We have been very bullish on Asia for the past few years and grew organically in Asia by 25% last year. The acquisition...

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