IR Releases - Archive

September 27, 2002

Deutsche Bank and Northern Trust agree on Passive Asset Management transaction

Deutsche Bank and Northern Trust Corporation announced today that they have signed a definitive agreement for the sale of Deutsche Bank's global passive equity, enhanced equity and passive fixed income businesses. The parties expect to complete this transaction within three to six months, subject to regulatory approval and other closing conditions. Both firms will work together to ensure a smooth transition.

The purchase price is based on the total value of managed assets transferred to Northern Trust. Based on assets under management as of June 30, 2002 of US-$120 billion, the purchase price would be approximately US-$260 million, subject to adjustments.

"This divestiture is another step in the implementation of Deutsche Bank's strategy to focus on core competencies. After an in-depth strategic review, based on Deutsche Asset Management's size and global presence, we have made the decision to concentrate our efforts on active management. This will enable us to provide more focused products and services to our clients", commented Tom Hughes, Member of the Group Executive Committee and Global Head of Asset Management of Deutsche Bank. "Our global investment and distribution platforms are among the broadest and deepest in the industry allowing us to deliver significant value added expertise to our clients. With this increased focus on our key strengths, we will continue to build on our position. The passive business being sold represents total assets under management of approximately US-$ 120 billion, (as of June 30, 2002) and generates less than 2% of Deutsche Asset Management's revenues", Mr. Hughes added.


This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this Investor Relations Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our restructuring including the envisaged reduction in headcount; the reliability of our risk management policies, pro-cedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of March 27, 2002 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded stated below.

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