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More Than $16B of Deutsche's Money Fund Biz Is Transforming
Deutsche Bank's U.S. asset management folks are preparing to transform more than $16 billion in mutual fund business.
Spokespeople with Deutsche declined to comment about the changes.
The three liquidating muni money funds are a New York tax-exempt fund, a California tax-exempt fund, and a general tax-exempt fund. Yet another Deutsche general tax-exempt fund with about $1 billion in AUM will remain open.
On the prime side, Deutsche's Cash Management Portfolio will become its Government Cash Management Portfolio. Within that portfolio, four feeder funds will transform from prime to government money funds. Yet Deutsche will also continue to offer other prime money funds, both retail and institutional.
The planned conversion and liquidations will come months before the major implementation date of the SEC's 2014 money fund regulations.
Deutsche manages about $110 billion in cash AUM globally. Upwards of $70 billion of that is in the U.S., of which more than $40 billion is in money market mutual funds (with the rest in separate accounts and deposit sweep accounts).
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