Insurance and investment management company NN Group (NN) has seen interest from Goldman Sachs Asset Management (GS) and Germany’s DWS, as both are preparing bids for the Dutch insurer’s investment management arm. The deal price is said to be around €1.4bn ($1.6bn). NN Group said that it was considering selling NN Investment Partners back in April, which holds €300bn ($353bn) in assets under management (AUM) and set a final offers deadline for Monday. Amongst those who have previously registered their interest are UBS Asset Management, Janus Henderson and US insurer Prudential Financial. “The competitive environment for traditional active asset managers has intensified and a smaller group of larger players are now dominating the institutional segment…It has become complicated to grow and very difficult to have a profitable business, in particular if you have undifferentiated plain vanilla products”, said Vincent Bounie, Fenchurch Advisory senior managing director.
NN Group’s EUR bonds traded slightly up with its 9% 2042s up 0.09 to 109.938 whilst GS´ USD bonds traded stable with its 4.25% 2025s at 112, yielding 1.32% and its 6% 2041s at 141.182, yielding 3.18%.
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