Zurich Financial and Deutsche Bank are in advanced negotiations of a deal in which Deutsche Bank would acquire the Swiss insurance giant’s mutual fund arm, Zurich Scudder Investments, and Zurich Financial would pick up Deutscher Herold and other European insurance companies held by Deutsche Bank.

Under the negotiations, Zurich Financial’s U.K.-based investment manager, Threadneedle, would remain part of the Zurich Group of companies, the companies announced in a statement.

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