Everyone’s doing it, and Deutsche Bank wants in. In the wake of recent hedge fund acquisitions by the likes of Morgan Stanley and Lehman Brothers, Deutsche Bank is now also on the hunt, Hedge Funds Review reports.
Chief exec Josef Ackermann, said in a television interview, “We have to be in a position to offer our clients all investment classes, including hedge funds,” adding the firm could buy a stake an American or British hedge fund firm soon.
Deutsche is a latecomer to the hedge fund brokerage services market, of which it commands only 5 per cent, compared to Morgan Stanley’s 48 per cent and Goldman’s 23 per cent, HFR said.
The German bank recently acquired a minority stake in Aldus Equity, a boutique asset management firm specialising in private equity investing that has more than $3bn in assets under management.