MANNHEIMER SALE OF ASSET MANAGER COLLAPSES

Germany-based Mannheimer’s bid to boost its finances with the sale of its Mannheimer Asset Management subsidiary to Berlin-based property and trust company ASTA yesterday collapsed at the last moment despite receiving regulatory clearance from the German cartel office. The group, which last week became the first life assurer in the country to be put into insolvency in more than 50 years, had looked on course to seal the deal on the unit, which at end-2002 had 13 funds with managed assets of 1.2bn euro.