Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced the acquisition of asset manager Wilhelm von Finck AG as it continues to expand its Private Wealth Management franchise in Germany. The transaction, which is subject to the usual regulatory approval will take effect on 3 January 2005.
Wilhelm von Finck AG manages more than Euro 1 billion in clients' assets. The company covers large and complex sets of private and family assets in the areas of discretionary portfolio investment and wealth controlling. Following the acquisition by Deutsche Bank, the firm will continue to operate under its own name and as an independent company domiciled in Grasbrunn near Munich and to advise its customers independently and individually.
Johannes Baratta, Head of Deutsche Bank Private Wealth Management Germany, says: "With the acquisition of Wilhelm von Finck AG, Deutsche Bank Private Wealth Management is consistently pursuing its strategy of offering a qualitatively unparalleled range of services for large sets of private assets. This includes building up the increasingly important family office unit. We feel a commitment towards the tradition and good name of Wilhelm von Finck AG. That is why we have agreed to continue to deliver the firm's established service on an independent basis.“
"For wealthy families in Germany, this link-up creates an attractive structure, namely an independent family office with possibilities of accessing the comprehensive know-how and full product and service range of an international leader in the financial services industry,“ adds Eberhard Buschmann, Member of the Board of Management of Wilhelm von Finck AG.
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