Sal Oppenheim, the Luxemburg-based private bank which was recently bought by Deutsche Bank, said it has acquired Gen Re Capital, the German-based investment company.

Under the terms of the transaction, Sal Oppenheim will assume responsibility for around €11 billion ($16 billion) in asset management mandates of institutional investors from the insurance sector.

Sal Oppenheim has recently signed contracts with Cologne Re, a subsidiary of the US Gen Re Group, regarding Sal Oppenheim’s acquisition of Gen Re Capital.  This acquisition will lead to an increase in the institutional assets managed by Sal Oppenheim from approximately €42 billion at present to €53 billion, the firm said in a statement.

Gen Re Capital will operate under a new name as a wholly-owned subsidiary of Oppenheim Kapitalanlagegesellschaft, which will expand existing business in institutional asset management.

“With Gen Re Capital’s capacities we are strengthening our institutional asset management. In the future, we will target investors subject to insurance supervisory regulations even more closely,” said Christopher Freiherr von Oppenheim, personally liable partner of Sal Oppenheim and responsible for the asset management division.

The majority of Gen Re Capital’s staff will be transferring to Sal Oppenheim, along with managing directors Andrea Simokat and Christian Finke, and will continue their work in insurance asset management there.

In other recent developments, in October Sal Oppenheim was purchased by Deutsche Bank for €1 billion as part of moves by the German banking giant to strengthen its position among high net worth private clients, particularly in its domestic market.