Deutsche completes fixed-income sell-off

The German bank will transfer the Philadelphia-based business to Aberdeen at close of business today. Aberdeen took on the institutional equity, fixed income, global equity, multi-asset and retail businesses, all based in London, in September this year.

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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