Deutsche Bank has decided, through its asset management division, to raise its stake in Moscow-based asset manager Deutsche UFG Capital Management to 100 per cent. The financial terms of the deal were not disclosed.

Deutsche UFG Capital Management was formed in 2008 when Deutsche Bank acquired a 40 per cent stake in UFG Invest, the Russian investment management company of UFG AM.

The Russian firm, which is a top ten player in the Russian asset management space (source: www.investfunds.ru), provides funds and discretionary portfolio management for private and institutional clients.

Deutsche has made the decision to fully acquire Deutsche UFG Capital Management to increase the Russian footprint of its retail asset management arm, DWS Investments. The deal is also intended to facilitate access to the Russian market for Deutsche’s client base.

Florian Fenner will remain in role as chairman of Deutsche UFG Capital Management and will also join Deutsche’s Russian regional executive committee.

"Being part of Deutsche Bank Group will allow Deutsche UFG Capital Management to offer its customers a wider range of investment products. Affiliated to such a large multi-national player, we will be able to take the company to an international level. The completion of the transaction confirms our intention to grow and strengthen the position as well as our confidence in the prospects of the Russian financial market," Fenner said in a statement.