Deutsche completes fixed-income sell-off
Deutsche Bank has completed the sale of its US active fixed-income asset management business to UK-based Aberdeen Asset Management.
Under the terms of the sale agreement, signed in July, Aberdeen will pay up to £265 million for the Deutsche Bank businesses, depending on future fee revenue.
Deutsche Asset Management retains its UK-based hedge fund and real estate businesses, and its high-yield business in Philadelphia.
Aberdeen beat BNP Paribas to the deal, which will almost triple its assets under management from £25.4 billion at the end of March 2005 to £70 billion.
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