By Jessica Hodgson, Marietta Cauchi and Vladimir Guevarra
LONDON--At least six financial firms or private equity firms are
edging toward a final bids deadline for Robeco, the fund-management
arm of Netherlands-based Rabobank, as the process ends its final
stages, people familiar with the matter say.
The deadline will be closely watched by several other banks and
financial firms in Europe that are attempting to sell
fund-management businesses.
Resolution Group, the parent company of the listed insurance
vehicle headed by Chairman Clive Cowdery; CVC Capital Partners
Ltd.; Advent International; Permira; Macquarie Group. (MQC.AU); and
Affiliated Managers Group In. (AMG) are all in a second round for
the sale process for Robeco, and are planning to submit bids ahead
of a deadline on or around Sept 18, these people said.
Barclays Capital is managing the process.
Robeco has previously been reported to have a valuation of
roughly EUR1.5 billion, although it is unclear whether it will
attract bids at this level. Rabobank said in April it was exploring
options for the unit.
The move was triggered in part by privately held Rabobank's loss
of its Standard & Poor's AAA credit rating last year as the
ratings agency reassessed the way it evaluated financial
institutions.
Robeco in August announced a 19% rise in assets under management
to EUR179 billion in the year to June 30. Chief Executive Roderick
Munsters said the company had made "good progress" in delivering
its strategic plans.
Rabobank is one of several banks that have put their asset
management units on the block this year as banks seek to bolster
their capital bases.
Deutsche Bank AG (DB) tried to sell its fund-management unit but
the long-running sale process ran into the ground earlier this year
when talks with an exclusive bidder, Guggenheim Partners over its
RREEF unit, fell apart.
Franco-Belgian lender Dexia SA (DEXB) is also in the process of
trying to sell its fund management unit. The bank said in June it
had entered final negotiations on a sale with three bidders.
-Write to jessica.hodgson@dowjones.com
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