Deutsche Bank Is The Largest Euro Wealth Manager (DB)
Deutsche Bank has acquired Sal. Oppenheim for $1.38 billion in cash. Sal. Oppenheim had 137 billion euros in assets under management at the end of 2009. Deutsche Bank’s wealth management corpus was 686 million euros for the same time period.
Deutsche Bank has hailed the deal as a platform for further growth. The deal will help the bank to reduce its dependence on its investment banking business. Sal. Oppenheim has said that it will now concentrate on the integrated wealth management business. The company had posted a massive loss in 2008. The losses forced its owners to turn to Deutsche Bank.
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