Fosun Family grows
Hauck & Aufhäuser has successfully completed the buy out of Sal. Oppenheim Luxembourg from Deutsche Bank. The private bank is thus strengthening its Asset Services division.
Hauck & Aufhäuser is the new owner of the former Deutsche Bank Group companies, strong branded Sal. Oppenheim jr. & Cie. Luxembourg and Oppenheim Asset Management Services. The responsible supervisory authorities gave the go-ahead for the takeover of the white label platform, which enables asset managers in particular to launch their own funds.
"The Luxembourg Sal. Oppenheim companies are a strategic investment for us," explains CEO Michael Bentlage. The takeover will enable Hauck & Aufhäuser to further advance technical and organizational development. In the area of Asset Servicing, the business model has been consistently expanded in recent years, with consistently growth rates of 20%. "The new companies are excellent complements to existing H&A structures. We are convinced that we will be able to offer our clients an even greater and more interesting range of services in the future", Bentlage continues.
The sales plans had become known a year ago. While both platforms are important strategic acquisitions for the Frankfurt private bank, the subsidiary Sal. Oppenheim were niche fields for Deutsche Asset Management. In the course of the integration, which will involve a total of around 25 billion euros in assets and 130 new colleagues, both companies will be given the new names Hauck & Aufhäuser Fund Platforms and Hauck & Aufhäuser Asset Management Services. So welcome the new members of Fosun Family.
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