Deutsche Bank today announced the successful completion of the sale of the Philadelphia-based Active Fixed Income business of Deutsche Asset Management (DeAM) to Aberdeen Asset Management PLC, effective at close of business today (US Eastern Standard Time). The sale does not include DeAM's Philadelphia-based High Yield business, which remains an integral part of the firm's global platform.
This milestone represents the final step in the completion of Deutsche Bank's agreement to sell parts of DeAM's UK and Philadelphia-based asset management businesses to Aberdeen. The sale of DeAM's UK-based institutional Equity, Fixed Income, Global Equity, Multi-Asset and DWS retail businesses was concluded in September. Not included in the sale were the firm's UK-based Hedge Fund and Real Estate businesses.
"The successful completion of our transaction with Aberdeen Asset Management signifies our strong commitment to create a more focused DeAM business that can provide greater value to our clients and shareholders," said Kevin Parker, Member of Deutsche Bank's Group Executive Committee and Global Head of Deutsche Asset Management.
For further information, please call:
Jezz Farr +44 20 7545 7506 (London)
Klaus Winker +49 69 910 32249 (Frankfurt)
About Deutsche Bank
With Euro 972 billion in assets and 63,751 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
About Deutsche Asset Management
Deutsche Asset Management is the global asset management business of Deutsche Bank AG, with AUM of US$666 billion (as of 9/30/05). It is one of the world's leading investment management organizations in terms of the quality and breadth of investment products, asset management expertise and client service. DeAM provides asset management capabilities to a variety of clients worldwide including foundations, non-profit organizations, public and private superannuation funds, high-net-worth individuals and retail investors.