Deutsche Bank’s cracking the whip as Insignia tries (again) to sell Australian Executor Trustees.
Deutsche Bank’s whittled down the contenders for Insignia Financial’s trustee services unit Australian Executor Trustees, tapping three industry players for the auction’s second round.
Insignia’s understood to be seeking as much as $200 million for the unit, and has Deutsche’s Martin Nosek pushing parties hard to try and get to the magic number. Deutsche had about 10 parties in the auction’s first stage, before tapping the shortlisted group for the binding phase. The unit’s on the block now as Insignia boss Renato Mota tries to simpify his wider financial services group, after a few busy years acquiring and trying to bed down its acquisitions of MLC Advice and ANZ’s OnePath.