Deutsche Bank to expand brokerage services to offer dbRemarket to facilitate sales of interests in private equity and hedge funds
Deutsche Bank’s Global Transaction Banking Division today announced that its Trust & Securities Services (“TSS”) unit will expand the brokerage services offered by Deutsche Bank Securities Inc. (DBSI), Deutsche Bank’s registered U.S. broker-dealer subsidiary, to create dbRemarket, a service that will provide investors with a transparent way of effecting the purchase or sale of holdings in private equity and hedge funds in the secondary market. The dbRemarket service was launched on June 14, 2011.
The service is designed to provide an independent platform to allow buyers and sellers to avoid protracted negotiations and to streamline the transfer of fund interests. Bidding will be conducted electronically through a reverse Dutch auction. This process increases the probability of a successful sale by allocating the seller’s interests to one or more buyers. DBSI’s role in the process is that of an independent, neutral agent.
“The launch of this service reflects Deutsche Bank’s continuing efforts to keep pace with our clients’ needs,” said F. Jim Della Salla, Global Head of Trust and Agency Services. “The dbRemarket service leverages our expertise in the auctions and fund administration space to provide an innovative solution which brings transparency and improved efficiency to this market.”
“We specifically designed dbRemarket to offer our clients a unique alternative to meet their liquidity needs,” said Kevin Weeks, Global Head of Business Development for Corporate Trust. “Buyers and sellers now have the opportunity to come together in a well-defined auction process to value and trade assets that is designed to ensure speed and accuracy.”
The dbRemarket service 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.
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