Bloomberg reports that the sale of UFG to Russia’s Aton Capital is part of efforts to 'maintain the most appropriate business mix', Igor Lojevsky, Deutsche Bank’s vice chairman for Eastern Europe asset and wealth management, said in an e-mailed statement.
Deutsche Bank is seeking to exit some businesses as it faces more stringent capital rules and possible legal bills from alleged fixing of benchmark interest rates and mis-selling of U.S. mortgage products. The firm is winding down $100bn of assets globally, it said in July.
The bank became the sole owner of Deutsche UFG Capital Management in 2011, three years after acquiring an initial 40% stake. It merged the unit with its Russian private wealth management unit last year to trim costs.
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