By Ivan Anderzhanov.
Germany’s Deutsche Bank will take over the remaining 60% in the Russia’s UFG Capital Management it doesn’t own in an effort to boost its presence in the country’s nascent asset management sphere.
The financial details of the transaction weren’t disclosed. Deutsche UFG Capital Management has 370 million euro of assets under management.
Detusche bought the initial 40 percent stake in 2008 just months after ditching its own DWS retail platform in Russia after failing to gain any traction on its own.
UFG Asset Management manages nearly $1.7 billion across several asset classes. Deutsche is only buying the capital management unit and the deal excludes UFG Private Equity and the offshore hedge fund businesss.
Florian Fenner, chairman of Deutsche UFG Capital Management, will continue in his role. Insiders said they doubted Deutsche would axe any staff in the near term.
Deutsche previously acquired UFG Investment Bank in a two-pronged move, which gave it a leading beachhead in the Russian market until VTB Capital arrived and plundered many of its key personnel in 2008.
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