By Lukas I. Alpert
MOSCOW--Deutsche Bank (DB) said Wednesday it is selling its
capital management unit in Russia to German conglomerate Aton Group
as the German bank seeks to optimize its operations in Eastern
Europe.
Aton will acquire 100% of Deutsche UFG Capital Management
pending the approval of Russia's anti-monopoly agency.
"Deutsche Bank has reviewed its business strategies in Eastern
Europe, including Russia, to optimize our footprint and meet client
needs in the best possible way. This transaction is part of our
continual efforts to maintain the most appropriate business mix,"
said Igor Lojevsky, vice chairman of Eastern Europe for Deutsche
Bank's Asset & Wealth Management and Corporate Banking &
Securities unit.
The deal will create one of the largest asset management
companies in Russia, with total client assets of 118.4 billion
rubles ($3.6 billion).
"We will be able to offer a wider range of products and services
to asset management clients. We are optimistic about the prospects
of the Russian investment market and believe that the combined
company will be able to achieve our goals successfully," said
Andrey Zvezdochkin, Aton's chief executive.
Write to Lukas I. Alpert at lukas.alpert@dowjones.com
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