The Wall Street Journal reports that ING Groep declined to comment on the runmours that Baring Asset Management (BAM) is up for sale, but did say that a disposal of the unit could not be ruled out as part of its ongoing restructuring programme.
BAM, which became an ING business almost 10 years ago after the Nick Leeson affair, has assets under management of around £18bn and is thought to be worth around £300m. JP Morgan is rumoured to have been engaged as adviser for the disposal of the business.
Meanwhile Schroders reported third quarter profits up at £82.1m, but £47.8m was due to private equity disposals, which are unlikely to be repeated. The firm's profits for the first nine months of the year have almost tripled to £147.9m and CEO Michael Dobson said that 'the strongly improving trend in profitability is continuing. We have been winning higher margin business'. Dobson also confirmed that the firm was still looking at the possibility of a joint venture in China and that Schroders was interested in potential acquisitions in Europe and the US. What price BAM ?
Finally, Theodore Sihpol, a former executive at Bank of America, has filed a motion to dismiss the US criminal charges made against him. He has been accused of assisting hedge fund Canary Capital Partners buy and sell mutual funds after the day's trading had closed.
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