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Rating:Bank's Fund Business Up For Sale? Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, June 09, 2006

Bank's Fund Business Up For Sale?

Reported by Marie Glancy

A major institution is looking to sell its fund arm, according to reports -- but, despite a passing mention in the New York Times' DealBook almost three weeks ago, the story seems not to have sparked much coverage in industry media. Have the rumor mills grown rusty?

On May 22, the DealBook cited a report in Investment Dealers' Digest, in which an executive "with knowledge of the matter" said Morgan Stanley has a book on Washington Mutual's planned sale of WM Funds.

At least one large financial services firm has looked at WM, the MFWire can confirm after speaking with an M&A consultant who has seen the book in real life. And, separately, Rhode Island-based consultant Geoff Bobroff said he has heard unconfirmed rumors of a sale. He believes the process is down to a shortlist. A Washington Mutual spokesperson did not immediately return calls seeking comment.

Watch this space... 

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