At Least 6 Firms Eye Final Bids For Robeco - Sources

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.

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