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Deutsche Sells Off Russian Asset Management Arm
Sandra Kilhof
28 November 2013
Frankfurt-headquartered said the deal was part of its expansionary strategy and
that the deal will bring its mutual fund assets to 3.8 billion rubles
($114,7 million), making it the sixth-largest mutual fund provider in the
Russian market. ATON’s total client assets will be an estimated 118.4 billion
rubles following the transaction. DUCM, which is Deutsche Bank’s asset manager in Russia, has a
product range including investment funds and discretionary portfolio management
for private and institutional clients. With the acquisition, ATON will take
over management of the DUCM clients and combine its current asset management
team with those of the former Deutsche subsidiary. Deutsche became the sole owner of in 2011, three years after acquiring an initial 40 per cent stake.
It merged the unit with its Russian private wealth management unit last year to
trim costs. Deutsche Bank’s investment banking business in Russia, which
includes UFG, currently has $1.7 billion assets under management.