Deutsche’s DWS, Generali vies for NN’s asset manager

Bloomberg

DWS Group and Assicurazioni Generali SpA are among suitors that submitted initial bids this week for the asset management arm of NN Group NV.
The unit, known as NN Investment Partners, has separately attracted early interest from UBS Group AG and Allianz SE, the people said. Several other international asset managers, including some US firms, are also pursuing a deal.
NN said in April it’s examining options for its asset management arm, including a merger and partial sale. The business, which oversees assets mainly derived from NN’s life insurance premiums, manages about $364 billion), according to its website.
Any transaction could value the unit at about 1.5 billion euros. Deliberations are ongoing, and there’s no certainty they will result in a deal. NN may opt to keep a minority stake in business, which mostly manages fixed-income investments, and sign a cooperation deal with any acquirer.
Representatives for DWS, Generali, NN and UBS declined to comment, while a spokesperson for Allianz couldn’t immediately be reached for comment during a public holiday in Germany.
NN’s review comes amid pressure from activist Elliott Management Corp. to unlock value for shareholders. Shares in NN have risen almost 15% since Elliott revealed its stake in the insurer in February 2020, giving it a market value of 13.4 billion euros. The Euro Stoxx Insurance Price index is down 8% over the same period.
Several asset management businesses have been changing hands, as banks and insurers look to sell out because they aren’t able to compete with international fund houses and low-cost providers such as Vanguard Group Inc. and BlackRock Inc.