The Swiss bank is among the suitors remaining for Dutch asset manager NN. The competition for NN is strong – but UBS may have an ace up its sleeve.
The sale of Dutch money manager NN is entering the next round with UBS, DWS, Prudential, and U.S.-based Nuveen submitting bids. None of the reported suitors nor the target commented.
The potential acquirers are in the midst of due diligence, according to the newswire, though the deadline to place bids for the 300 million euro ($363 million) asset manager is July 1. The other firms which had expressed interest in buying – including Allianz, Generali, and The Royal London Group – have retreated.
NN aims to take in as much as 1.6 billion euros by selling. UBS has somewhat of an inside track on NN because ING spun it off in 2014 – under then-CEO Ralph Hamers, who moved to the UBS top job last November.
