Deutsche to sell retail arm
One of Australia’s most established financial planning networks, Deutsche Bank Financial Plan-ning, is up for sale alongside Deutsche Funds Management (DFM).
One of Australia’s most established financial planning networks, Deutsche Bank Financial Plan-ning, is up for sale alongside Deutsche Funds Management (DFM).
The move comes amidst a huge restructure of the Deutsche Bank business, particularly its pri-vate banking business. It also follows the merger of Deutsche Funds Management with Deutsche Asset Management earlier this year.
Deutsche Bank Financial Planning has been active in the market since starting out as Bains Fi-nancial Planning in 1983. Deutsche purchased the Bains business a few years ago and was re-named Deutsche Bank Financial Planning about two years ago. The group has 71 financial plan-ners advising on about $4 billion.
Deutsche Funds Management is a non-discretionary master trust set up to support DBFP and has about $1.5 billion in funds under management.
Retail distribution of Deutsche’s funds management products will be expanded by focusing on servicing master trusts and wrap account providers.
Deutsche Bank plans shortly to distribute Deutsche Asset Management funds management prod-ucts to master trusts, wrap account providers and the mezzanine market and to launch a variety of global and local e-commerce initiatives to broaden product distribution channels.
Deutsche Asset Management and Private Banking chief executive Michael Monaghan says DBFP's growth prospects will be enhanced by a fund manager or life insurance group seeking to expand distribution of its products through planner-based channels or by combining it with ex-isting operations.
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