Deutsche Bank Consolidating U.S. Funds

In the wake of its acquisition of Bankers Trust Corp. of New York in June, Deutsche Bank of Frankfurt, Germany, is taking steps to merge its U.S. fund operations.

Deutsche Bank gained $71.5 billion in assets under management from Bankers Trust and BT Alex. Brown of Baltimore in the deal. Combined with the assets of money manager Morgan Grenfell of New York and the Deutsche Funds of Frankfurt, Deutsche Bank now manages roughly $97 billion in assets in the U.S., $40 billion of which is in mutual funds, according to company figures.