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Article: European managers feeling credit sting.(News)
- Article from:
- Pensions & Investments
- Article date:
- October 13, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Thao Hua
The economic crisis that caused a seismic shift in the U.S. banking sector has made its way to Europe, remolding the region's asset management sector along the way.
In the latest government-brokered deal to stop Brussels-based Fortis SA/NV from going bankrupt, officials in Belgium and Luxembourg turned to BNP Paribas, Paris. The takeover of the majority of the bank's operations includes Fortis' e209 billion ($285 billion) asset management division, fresh from its integration of ABN AMRO Asset Management Holding NV, Amsterdam.
In the U.K., a separate British government-backed agreement led to the September announcement by Lloyds ...