Deutsche, Dresdner to join forces
The Australian financial services arms of German financial services giants Deutsche and Dresdner will feel the winds of global change later this year following the merger of their respective parent companies.
The Australian financial services arms of German financial services giants Deutsche and Dresdner will feel the winds of global change later this year following the merger of their respective parent companies.
Deutsche Bank and Dresdner Bank are to merge later this year in an operation that will form one of the world's biggest financial services groups.
Deutsche Bank, Germany's largest private bank, will hold 60-64 per cent of the new entity, to be called Deutsche Bank AG, with the rest held by Dresdner, currently Germany's third-ranking bank, the companies said in separate statements. July 1 has been set as the target date for completing the merger. Allianz will hold a minority stake in the retail banking operation but reduce its direct holdings in Deutsche and Dresdner. It currently holds 21.7 per cent of Dresdner and about 5.0 per cent in Deut-sche.
Both Deutsche and Dresdner have funds management operations in Australia. Deut-sche’s $27 billion under management dwarfs Dresdner’s $500 million under man-agement.
While there has been no announcements as to the fate of the two operations, it is likely there will be some sort of amalgamation later this year. Deutsche’s wholesale funds management operations, Deutsche Asset Management, was only just merged with its retail funds management business, Deutsche Funds Management.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
