Dexia Asset Management is the asset management arm of French-Belgian bank Dexia, which received a bailout from Belgium, France and Luxembourg last year.
At the end of June Dexia Asset Management said it had entered final negotiations with three international candidates.
“This new phase will now advance in all discretion,” a statement said.
When contacted earlier today, a spokesperson for Dexia Asset Management declined to comment on the ongoing deal. The group was unavailable for comment.
Z-Ben Advisors, a Shanghai-based consultancy, said a consortium of Chinese buyout firms would buy the asset management business for $614 million (€599.9 million).
Meanwhile, BAM announced agreement in principle to the acquisition of SEI Asset Korea. The acquisition is subject to regulatory approval.
The deal, which is expected to be completed by the end of this year, will add approximately $6.3 billion to BAM’s assets under management.
David Brennan, chairman and chief executive officer of BAM said: “Korea is one of Asia’s largest asset management markets with considerable growth potential.”
©2012 funds europe