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Rating:It's Bid Day for Zurich Scudder Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, June 29, 2001

It's Bid Day for Zurich Scudder

Reported by Sean Hanna, Editor in Chief

Zurich Scudder Investments employees may know more about the possible identity of their new owner as soon as today. Bidders for the unit of Zurich Financial Services are expected to submit offers, according to a report on Investor News Service, which cited people familiar with the situation. Still, the winner may not be known for weeks.

Amvescap, Bank of America, Mellon Financial, PNC Financial Services Group, Sun Life Financial Services of Canada are some of the potential bidders, according to the story.

Zurich Scudder Investments manages $360 billion in assets, $1.7 billion in fee income and 15.7 percent operating margins. Any transaction will be complicated as some interested parties want to purchase the entire business and others are seeking parts only.

Zurich retained Goldman Sachs Group and Morgan Stanley to explore ways to enhance the value of the unit, which includes both the fund businesses obtained from Scudder, Stevens and Clark and Kemper, in April.  

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