IR Releases - Archive

Frankfurt am Main, July 7, 2005

Deutsche Bank signs agreement with Aberdeen Asset Management to sell parts of its UK and Philadelphia-based Asset Management businesses for up to £265 million

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today signed an agreement with Aberdeen Asset Management to sell parts of the UK and Philadelphia-based asset management businesses of Deutsche Asset Management(DeAM). The decision to sell follows a comprehensive and strategic review of Deutsche Bank’s asset management business globally.

“Aberdeen Asset Management is one of the UK’s leading providers of institutional asset management services and pooled funds,” said Kevin Parker, Member of Deutsche Bank’s Group Executive Committee and Global Head of Deutsche Asset Management. “This transaction represents an outstanding opportunity for the highly respected businesses that are part of the deal to further develop and thrive.”

The transaction, which is subject to regulatory, Deutsche Bank’s Supervisory Board and Aberdeen Asset Management shareholder approval, is valued at up to £265 million. This assumes a net asset value at closing of £55 million and will be dependent to some extent upon future fee revenue.

Businesses included in the sale are the UK-based institutional Equity, Fixed Income, Global Equity, Multi-Asset, and DWS retail businesses, as well as the Philadelphiabased Active Fixed Income business. DeAM’s UK-based Hedge Fund and Real Estate businesses and its Philadelphia-based High Yield business do not form part of the sale and remain key and integral parts of DeAM’s global platform.

“The objective is to create a stronger, more focused DeAM business that can providegreater value to our clients and shareholders,” said Parker.
Throughout the closing of the transaction, DeAM will remain committed to the stability of its investment teams and their processes. “Maintaining our full fiduciary obligations to our clients is of paramount concern,” Parker said.

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical
facts; they include statements about our beliefs and expectations. Any statement in this 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.

By their very nature, forward-looking statements involve 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 management agenda; the reliability of our risk management policies, procedures 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 24 March 2005 in the section "Risk Factors." Copies of this document are
readily available upon request or can be downloaded from

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