Deutsche Bank has closed its Philadelphia mutual fund business and will now be running three high-yield bonds in New York, The Philadelphia Inquirer reports. It will, however, continue running its private wealth management business in Philadelphia.
The mutual fund division, DWS Scudder, has 20 employees, who may be transferred to New York, as well.
It was unclear whether the lead portfolio manager, Andrew P. Cestone, would make the move, particularly as the company said that Gary Sullivan, who had been based in Germany, will now oversee the three fixed-income funds, which, combined, have $2.3 billion under management. They are the DWS High Income Trust, DWS Strategic Income Trust and DWS Multi Market Income Trust.
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