Rabobank to sell asset manager Robeco, says FD

Rabobank is to sell its asset manager Robeco in order to boost its own balance sheet, the Financieele Dagblad said on Friday, quoting company sources.

Robeco, which has assets under management of €150bn, will sell at between €1.5bn and €2bn, the sources told the paper. Deutsche Bank and JP Morgan have been brought in to manage the sale.
The sources say Rabobank is working on a ‘strategic reorientation’ to take the cooperative bank up to 2016. Mortgage provider Obvion and lease company De Lage Landen are also being looked at closely, as is property arm Rabo Vastgoed, the paper said.
Merchant bankers told the paper companies such as Robeco are wanted by private equity groups as well as independent British, US and Asian asset managers.

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