Deutsche Bank boosts asset management in Russia
Germany's biggest bank Deutsche Bank said Friday it is strengthening its asset management business in Russia by raising its stake in one of the leading players in the sector there.
Deutsche Bank said in a statement it would increase its sake in Deutsche UFG Capital Management -- one of the top 10 players in the Russian asset management industry -- from 40 percent to 100 percent.
The financial terms were not disclosed.
"With this transaction Deutsche Bank's retail asset manager, DWS Investments, further strengthens its footprint in Russia, one of the most important growth economies in the world," it said.
"At the same time, this step enables Deutsche Bank to provide its clients with better access to investments into the Russian market."
Deutsche UFG Capital Management was set up in 2008 as a joint venture between Deutsche Bank and the Russian investment management company UFG.
Its product range includes investment funds and discretionary portfolio management for private and institutional clients.
© 2011 AFP