Deutsche’s RREEF exits DEXUS
Deutsche Bank has announced that it has sold its 50 per cent interest in the management company of DEXUS Property Group, formerly known as DB RREEF Group, to DEXUS unit holders
Deutsche chief executive in Australia Chum Darvall said the move represented a positive step that would allow both organisations to pursue independent and more aggressive growth strategies.
He said RREEF Alternative Investments would continue its expansion strategy in Australia through organic growth, selective acquisitions and an ongoing strategic relationship with DEXUS Property Group.
RREEF Asia Pacific chief executive Kurt Roeloffs said the change to the DEXUS name resolved any brand confusion that existed between the two organisations.
He said DEXUS remained a key client of both Deutsche Bank in Australia and RREEF across the globe.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.