Deutsche Bank and Bankers Trust Corporation has decided to sell BT Funds Management, the asset management arm of Bankers Trust.
Bankers Trust New Zealand chief executive John Macfarlane, confirmed that the proposed sale would include the funds management business in New Zealand.
Vice president Craig Stobo says the sale is likely to be quick as there had already been a number of unsolicited bids.
Current speculation is that one of the Australian banks are likely to end up owning the business.
Macfarlane says the integrated nature of systems, product and international asset management meant that it was appropriate that BT Funds Management in New Zealand be sold along with the funds management business in Australia.
Funds management head Myles Baron-Hay says the sale will not influence the way in which clients’ investments are managed. The same investment team will continue to adopt the same investment style and process .
"We expect the new owner to be substantial and to be someone who places a high value on our brand, distinctive investment style and strong international investment skills," Baron-Hay says.
Macfarlane sadys that the investment banking operations of Bankers Trust New Zealand will be integrated into Deutsche Bank’s global investment banking operations.
The decision to sell follows an earlier announcement that as part of the merger of Deutsche Bank and Bankers Trust, BT Funds Management would join the Deutsche Bank Asset Management (DBAM) division, but be maintained as a separate specialist Sydney-based investment manager, operating alongside other DBAM businesses.
"Deutsche Bank has recognised that, given its substantial existing asset management operations in Australia, maintenance of BT Funds Management’s successful business would be best achieved under different ownership.
"In all the circumstances, selling BT Funds Management should be seen as the right decision for all the clients of both our businesses," BT Funds Management head Ian Martin says.
BT Funds Management’s overseas representative offices, and offshore client funds managed out of Sydney, will form part of the sale. Businesses in Japan and the United States will not form part of the sale
Deutsche Bank and Bankers Trust Corporation has decided to sell BT Funds Management, the asset management arm of Bankers Trust. 