Flag Investors family of mutual funds of Baltimore will change its name to Deutsche Asset Management as of May 7 and will become part of the $48 billion mutual fund family of Deutsche Asset Management of New York, the U.S. investment arm of Deutsche Bank of Berlin. The name change was announced last week by the company.

"By focusing on one, strong, well-recognized brand, we will be better able to emphasize our position as a leading, global investment money manager that offers a wide range of products and services for use by financial advisors and other intermediaries," said Ross Youngman, managing director and head of mutual funds for Deutsche Asset Management-Americas in a statement.

The consolidation of the funds under a single name will also allow Deutsche to offer multiple classes of shares of all funds in various distribution channels, the company said.

Flag Investors, originally managed by Alex. Brown & Sons of Baltimore, was purchased by Bankers Trust of New York in 1997. Deutsche Bank bought Bankers Trust in 1999.

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