MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, September 27, 2002 Deutsche Sells Passive Unit Deutsche Bank said today that it has agreed to sell its passive management unit to Northern Trust for an estimated $260 million. The deal came hours after reports of the pending sale surfaced in the media. The sale, which remains subject to regulatory approval and other closing conditions, is expected to close within three to six months. The deal covers both Deutsche Bank's fixed income and equity portfolios, which held $120 billion of client assets on June 30. Those portfolios account for less than two percent of Deutsche's total assets. Northern Trust will grow its asset base by roughly one-third to $447 billion from $327 billion with the deal, said William A. Osborn, Northern's chairman and chief executive officer. This morning the Boston Globe reported that State Street (SSgA), Mellon Financial and several European Banks had seen the offer sheet. Northern Trust was not named in that report. Stephen B. Timbers, president of Northern Trust Global Investments, explained that the purchase will allow the bank to expand its international and enhanced index offerings significantly. He also noted that the assets will support Northern Trust's transition business by adding to trading volumes and its securities lending activities. Printed from: MFWire.com/story.asp?s=3574 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |