Deutsche Bank's Italian retail asset management arm DWS Investments Italy SGRpA has announced that it will sell its local mutual fund range to Italian asset manager Anima SGRpA.
DWS’ local fund range, which has assets under management in excess of E7 billion, will be merged into Anima’s existing fund range. The agreement also includes long-term distribution arrangements between Anima and Deutsche Bank, in particular Deutsche Bank’s financial advisors network Finanza & Futuro Banca and Deutsche Bank’s branch banking network in Italy.
DWS said that the agreement is the result of a careful process of exploring opportunities to strengthen its position in the Italian market by focusing on its international mutual fund range and to expand Deutsche Bank’s product offering.
Our new Italian business model will focus on the distribution of DWS international mutual funds as well as our four local asset management activities: discretionary portfolio management, institutional mandates, hedge funds and life insurance, said Enrico Biglino, head of DWS Italy.
For us, Italy is a core market in Europe, added Stephan Kunze, head of DWS Europe. We intend to strengthen our position in this key market with an enhanced offering of our international fund range.
The assets under management of DWS’ local mutual fund range are valued at a multiple of 1.2% under the agreement. The transaction is subject to the completion of a consultation procedure with trade unions, the approvals of the Bank of Italy and anti-trust authorities and the 90-day term that must elapse between the notice given to investors and the effective date of the funds merger.
The transaction will become effective upon completion of the funds merger expected in Q2 2007.