Deutsche Bank of Frankfurt, Germany announced last week it will combine the no-load funds from its subsidiaries, Morgan Grenfell of New York and Bankers Trust of New York, to create a new no-load fund family under the Deutsche name.
The bank's U.S. investment management business, Deutsche Asset Management of New York, will manage the new fund family. It will be introduced in the first quarter of 2000.
"We are bringing together complementary funds under one brand name to create a fund family that gives clients access to the best strategies of our global business," said Josh Weinreich, co-head of Deutsche Asset Management.
Total combined assets of the new fund family, including over 45 funds, will be more than $35 billion. The funds are designed to take advantage of Deutsche Asset Management's institutional capabilities.