Zurich Scudder casts about for partners
Zurich Scudder, the United States asset management arm of Zurich Financial Services, is seeking partners in a bid to strengthen its market position. Its managed assets have declined sharply in the past year.
“We’re in discussions,” said Edmund Villani, president and chief executive of Zurich Scudder, during a panel discussion with other financial industry executives. “We want to get something done as quickly as possible but we haven’t set a deadline.”
Villani is keeping tight-lipped about potential alliances or partners, but the company has been reviewing its options since April, under the guidance of investment banks Goldman Sachs and Morgan Stanley Dean Witter.
In May, Rolf Hüppi, head of the Swiss-based parent company, said the sale of the US asset management business was not an option.
Zurich Scudder has seen its managed assets decline sharply. According to data tracker, Financial Research Corporation, Scudder’s US business had managed assets of $67.17 billion (SFr119 billion) in equity and fixed income funds at the end of April, compared with $78.57 billion a year earlier.
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