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The business units included in the sale are Deutsche Bank's Global Custody (with assets under custody of approximately Euro 2.2 trillion), Global Fund Administration Services (including Depotbank services), Agency Securities Lending, Global Performance Measurement (including The WM Company) and Benefit Payments businesses. In addition, domestic custody and securities clearing in the United States and the United Kingdom are included. Worldwide, 3,200 employees will be taken over by State Street. Domestic custody in Continental Europe, Asia and Latin America are excluded from the transaction.
Deutsche Bank will be State Street’s preferred sub-custodian in selected markets. State Street will provide, subject to regulatory approval and Deutsche Asset Management’s fiduciary obligations, global investment services to Deutsche Asset Management (DeAM), including DWS, one of Europe’s leading investment managers, for the majority of its assets under management in Europe, the Americas and Asia Pacific. Under a long term agreement, State Street will provide custody, fund administration and securities lending with the potential to expand the mandate to DeAM’s other investment management affiliates.
The transaction, which is subject to necessary regulatory and anti-trust approvals, is expected to close within the next four months.