Société Générale is readying itself to launch the sale of the firm's asset management arm, Lyxor, as it attempts to bolster its finances following two consecutive quarterly losses, Reuters has reported.
The Paris-based bank has hired Citigroup to oversee the sale of Europe's third largest ETF provider, potentially in the fourth quarter, sources told Reuters.
Lyxor Asset Management represents roughly $156bn in assets under management, of which half are ETFs, and could be valued at around $1bn, according to one of the sources, who added that "interested parties" have been contacted about the sale.
The sale will be aimed at bidders in both Europe and the US, including Amundi and DWS, although the sources cautioned that no deal was certain.
"It has all been prepared and is ready to start, but the board has yet to sign it off," according to the source.
Société Générale has said in the past that it would sell or close business lines that have not reached critical mass or do not generate synergies.
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by Tanya at http://www.ifajobs.net
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