Deutsche Bank selling Russian subsidiary to Aton

By Andrei Skvarsky.

Deutsche Bank has agreed to sell its Russian subsidiary Deutsche UFG Capital Management (DUCM) to Russian investment group Aton in what would purportedly make the latter one of Russia’s biggest asset managers.

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The deal, which needs approval from Russia’s Federal Antimonopoly Service, would make Aton the 100% owner of DUCM, an entity that evolved from UFG Asset Management, an investment group founded in 1993 by former Russian finance minister Boris Fyodorov and US banker Charlie Ryan, a veteran of Russian banking.

DUCM manages mutual fund assets of about 3.8bn rubles ($115m), being Russia’s sixth largest mutual fund provider, and pension funds of more than 11.3bn rubles ($340m).

The total client assets of Aton will swell to an estimated 118.4bn rubles ($3.5bn) as a result of the transaction, Aton said in a statement.

Aton, set up in 1991, is Russia’s oldest independent investment group. The company provides a full range of services to private, corporate, institutional and international investors. It is represented in 52 Russian cities and has offices in Britain, Switzerland, Kazakhstan and Cyprus.

The group had revenues of $78.2m in 2012. Its equity capital stood at $255.3m at the time.

DUCM, which is rated as one of Russia’s top 10 open-ended mutual funds by assets under management, emerged in 1996, effectively at the time asset management business was born in the country. Its clientele includes large pension funds and insurance companies and about 10,000 private investors.

DUCM runs six open-ended mutual funds and operates in more than 30 Russian cities.

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