UBS and German asset management firm DWS are going ahead with final bids for NN Group’s asset management arm, NN Investment Partners after Europe’s biggest insurers such as Allianz, Assicurazioni Generali and The Royal London Group have dropped out, as per Reuters. Prudential Financial Inc. and US-based asset management firm Nuveen are also said to be interested in bidding for the unit. Amsterdam-listed NN Group announced a strategic review of the business in April and cited options such as a prospective merger. The group is looking to raise between €1.4-1.6bn ($1.7-1.9bn) from the sale to accelerate their expansion overseas. Recently this week, NN held meetings with various bidders to assess NN Investment Partner’s ability to further its presence in areas like infrastructure, real estate, private equity and other alternative investments. The group plans to reach a deal on August 12, when its half-year earnings are due. For UBS, the deal would help sustain trading volumes that had increased during the pandemic. The lender faces competition from DWS, who is seeking to better compete with the likes of Amundi and US asset managers.

NN Group’s 9% 2042s is up 0.12, currently trading at 111.045. UBS’ 0.625% 2023s are down 0.01, currently trading at 101.468 and its 5.75% Perps are down 0.07, currently trading at 103.5.

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