Deutsche Bank’s dbRemarket, an auction platform for interests in Private Equity and Hedge Funds, now operates as a qualified matching service
Deutsche Bank’s Trust & Securities Services (“TSS”) unit, part of its Global Transaction Banking division, has received Qualified Matching Service (QMS) designation from the Internal Revenue Service (IRS) for its dbRemarket platform. The IRS recently confirmed in a private letter ruling that dbRemarket meets the requirements for a qualified matching service (“QMS”) under U.S. Treasury regulation § 1.7704-1(g).
dbRemarket, which provides investors in private equity and hedge funds with a transparent way of effecting the purchase or sale of partnership interests in the secondary market, was launched in June 2011. Partnership interests that transfer via dbRemarket will qualify for the QMS safe harbor, which increases the percentage of interests that can be transferred during a fund’s taxable year from 2% to 10%.
“By being designated a QMS, Deutsche Bank’s dbRemarket platform offers peace of mind to those fund managers who are concerned with compromising their partnership’s tax status through secondary transactions. The use of a QMS-designated service significantly lessens the risk of being classified as a publicly traded partnership,” said Rob Sandt, Director and Head of Auction Services, Deutsche Bank.
The dbRemarket platform builds on the TSS business’s experience of more than 20 years in conducting auction agency services through Deutsche Bank AG and its affiliated banks, during which time it has conducted over 570,000 auctions of 4,300 individual securities over the past two decades.
For further information, please call:
Deutsche Bank AG
Press & Media Relations
Phone: +1 (212) 250-4864
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
Trust & Securities Services
Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Global Depositary Receipts, providing value-added services to companies raising capital in international markets or listing on the New York, NASDAQ, London, Luxembourg, Singapore or NASDAQ Dubai stock exchanges by means of depositary receipts. It also offers both mutual and alternative fund administration and provides securities custody, clearing and agency lending services from a global network spanning more than 30 markets. Additional details are available on www.tss.db.com.
This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG New York.