Author: Julie Dalla-Costa
Deutsche Bank has finally made its long-rumoured purchase of Scudder, the US investment house of Zurich Financial Services. The $2.5 billion deal, involving an asset swap, cash and shares, puts Deutsche Asset Management among the world’s largest funds groups by assets under management, alongside Fidelity, UBS and Allianz.
Deutsche has picked Scudder up for around 1% of funds under management – a good price when compared with the top-of-the-market 4.07% that Alliance paid for Sanford Bernstein last year.
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