MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, April 26, 2001 Zurich Scudders Seeks Partner Zurich Financial Services and Zurich Scudder Investments have jointly hired Goldman Sachs and Morgan Stanley to explore merger options for the fund firm, according to a Zurich spokesperson. "As we have stated, asset management is one of Zurich's core businesses," said Rolf Hüppi, chairman and chief executive officer of Zurich Financial, in a statement. "With a strong base in the US and continued growth worldwide, we look for Zurich Scudder Investment to strengthen its position as a global asset management leader." The position appears to confirm analyst speculation that Zurich Financial is committed to expanding its position in the US, rather than abandoning the space after several imperfect ventures. The talk of dealmaking has embarassed the Swiss parent company, implying that executives overvalued the $2 billion acquisitions of Kemper and then Scudder, Stevens & Clark. Zurich Scudder most recently stumbled over the joint venture formerly known as Scudder Weisel Capital: the San Francisco-based business was liquidated after little over one year. Speculation on Zurich's business options have been running high since the Journal reported the possibility on Monday. Printed from: MFWire.com/story.asp?s=26545 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |