RSA for sale: report
Thursday, April 18th 2002, 6:49AM
British insurer Royal & SunAlliance is reported to be looking to sell its funds management assets in Australia and New Zealand.
Speculation that the company was wanting to quit its assets downunder has been around for sometime, but was strengthened yesterday when the Australian Financial Review reported that Deutsche Bank had released an information memorandum on the business to potential buyers.
RSA, manages and administers more than A$7 billion in funds in Australia and New Zealand, and it includes the Guardian Trust operations in New Zealand and Tyndall in Australia.
The AFR reports that RSA will keep its general insurance activities in Australia as part of the group's move to focus on its core operations.
RSA has been struggling recently, posting an operating loss of £305 million in the quarter to December 31.
The Australasian life insurance and funds management units are valued at up to A$600 million.
The AFR also reports that Tower is interested in buying RSA. Other potential buyers include Westpac, Axa Asia Pacific Holdings, AMP Ltd, and ASB Bank's parent Commonwealth Bank.
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