Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Scudder Gets German Parent Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, September 24, 2001

Scudder Gets German Parent

Reported by Sean Hanna, Editor in Chief

It's official. The deal between two European financial pillars -- Deutsche Bank and Zurich Financial Services -- has survived the collapse of both the World Trade towers and the stock market.

After a weeks delay due to the crisis, the two firms hammered out the deal over the weekend. The deal lands Scudder Kemper, one of this nation's larger fund firms in new hands, and involves the exchange of $1.5 billion in cash and $1.0 billion in other European life insurance assets.

Tom Hughes of Deutsche Asset Management will head the merged operations as chief executive according to the agreed upon plans. Meanwhile, Edmond Villani, Zurich Scudder's cheif executive will take the post of chairman.

Scudder employees own a reported 20 percent stake in the firm and will sell that stake to Deutsche as part of the agreed upon, but not yet finalized deal. Zurich will retain its United Kingdom-based Threadneedle Investments.

Zurich will receive a majority stake in Deutsche's insurance business, Deutscher Herold, and in insurance operations in Italy, Spain and Portugal.

Deutsche already owns significant US-based asset management properties after having acquired Bankers Trust and its BT Alex Brown business. Scudder's $300 billion in assets under management will bring the firm's total to some $900 billion.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use