Deutsche Bank has suffered yet another client defection on the UK asset management side. According to Bloomberg, a further $1bn has gone as Lancashire County Council has terminated its contract with Deutsche Asset Management (DeAM)
A spokesman for the Council is quoted, saying that 'It was a desire to move to a specialist structure.....Deutsche's performance was also giving us some concern'. JP Morgan and UBS appear to have now picked up this business. Other Deutsche clients are said to be considering their positions. DeAM has lost $31bn due to client defections in the first nine months of this year.
Meanwhile there are press reports that, over at Fidelity Investments in the US, regulators are investigating allegations that traders may have improperly steered business to members of their families, who happen to work at brokerage firms. A spokesperson for the mutual funds giant said that, although the firm's rules do not expressly forbid employees conducting business with family members, there is a requirement that the interests of shareholders and clients comes first.
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