Deutsche Bank will sell its retail mutual fund business in Italy to Anima SGRpA, a company based in Milan. Anima will merge DWS Investments Italy’s 7 billion Euro, or roughly $9.2 billion, mutual fund assets into its existing products, according to Datamonitor News.
Deutsche Bank financial advisers will continue to distribute the funds, according to the terms of a long-term agreement.
“Our new Italian business model will focus on the distribution of DWS international mutual funds as well as our local asset management activities: discretionary portfolio management, institutional mandates, hedge funds and life insurance,” said Enrico Biglio, head of DWS Italy.
The transaction, expected to culminate in the second quarter of 2007, is subject to a 90-day waiting period, approval by local unions, the Bank of Italy and regulators.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.