Private equity firm Permira is competing with U.S. asset managers and an insurance group to buy the asset management arm of Franco-Belgian bank Dexia SA (DEXB.BT), Reuters news agency reported Wednesday on its website, citing unnamed sources.
Affiliated Managers Group Inc. (AMG), Federated Investors Inc. (FII) and New York Life Insurance Co. are considering binding bids for Dexia Asset Management, while Australia's Macquarie Group Ltd. (MQG.AU) is also sizing up the business, the report quoted the sources as saying.
Dexia hopes the asset management arm could fetch about EUR750 million ($927 million), the report cited one of the sources as saying.
Dexia wasn't available for comment, while Permira and the other companies named declined comment or weren't immediately available for comment, the report said.
Full Story: http://www.reuters.com/article/2012/05/30/dexia-assetmanagement-idUSL5E8GUH8120120530