The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Deutsche Sells Passive Unit Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 27, 2002

Deutsche Sells Passive Unit

by: Sean Hanna, Editor in Chief

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.


Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use