Deutsche Bank has decided to integrate the business of Sal. Oppenheim jr. & Cie. AG & Co. KGaA (Sal. Oppenheim) into the Group. Sal. Oppenheim’s Wealth Management clients will be served through Deutsche Bank’s Wealth Management division in the future, while the Asset Management business with its quantitative investment capabilities will be integrated into Deutsche Asset Management.
“Sal. Oppenheim has long-standing experience with quantitative investment processes as well as individual strategies for institutional clients, and will thus be a benefit to Deutsche Asset Management,“ said Nicolas Moreau, member of the Management Board of Deutsche Bank, and Head of Deutsche Asset Management.
For Sal. Oppenheim’s Asset Management clients, the integration of the business into Deutsche Asset Management will not result in any change concerning the quantitative investment approach. The goal is to make better use of the global growth potential of the quantitative investment capabilities by integrating it into Deutsche Asset Management’s global distribution and investment platform.
The Asset Management business of Sal. Oppenheim is already part of Deutsche Asset Management for reporting purposes. The legal and operational integration of the business and the employees is planned for the first quarter of 2018. The Wealth Management business will also be integrated in 2018. After integration is completed, Sal. Oppenheim as a brand will no longer be continued. Deutsche Oppenheim Family will continue to operate under a separate proposition.
“This was a difficult decision for us. In the end, the earning situation left us no choice,“ Christian Sewing, deputy CEO of Deutsche Bank, explained. “The integration creates advantages, as we unite the strengths of both firms and enables us to offer our clients the best possible advice and service.“
Deutsche Bank plans to give job opportunities to as many employees of Wealth Management as possible within the Group.
Sal. Oppenheim’s asset management employees along with their quantitative investment capabilities will be transferred into a new Deutsche Asset Management International GmbH branch Cologne.
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With EUR 711 billion of assets under management (as of September 30, 2017), Deutsche Asset Management is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.
Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.