Deutsche Bank completes acquisition of Zurich Scudder Investments

Today Deutsche Bank (Xetra: DBKG.n.DE / NYSE: DB) announced the closing of the acquisition of 100% of U.S.-based asset manager Zurich Scudder Investments (Scudder), excluding Scudder´s UK operations (Threadneedle) from Zurich Financial Services (Zurich) for the equivalent of USD 2.5 billion. The closing is the first step in the completion of a broader transaction between Deutsche Bank and Zurich that also includes the sale of Deutsche Bank’s stake in Deutscher Herold and all of its insurance businesses in Italy, Spain and Portugal to Zurich. The transaction was first announced in September 2001.

"The completion of this acquisition furthers Deutsche Bank’s strategic objective and commitment to achieving scale in our global Private Client and Asset Management (PCAM) business," commented Rolf-E. Breuer, Spokesman of the Board of Managing Directors of Deutsche Bank and Chairman of the Group Executive Committee.

With the acquisition of Scudder, Deutsche Bank is positioned to become the fourth largest manager of assets globally, with leading positions in Europe, Asia Pacific and the Americas. Combined assets under management reach approximately EUR 1.0 trillion….

…Deutsche Bank’s enhanced global investment platform will provide decisive benefits to clients:

- Stronger investment platform in which research is fundamentally integrated with portfolio management.

- First-class products and teams for its retail, institutional and private banking clients.

- Broad range of products, including active equity, passive equity, fixed income, currency, quantitative, asset allocation, structured products, cash management, and alternative investments.

- Expertise of the Investment Solutions Group, which includes the Research Center, its team of global economists, and the Pension Strategies, Transition Management, and Securities Lending groups.


…The magazine "Institutional Investor" classified the transaction in 2001 as a "Deal of the Year.

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