Deutsche Bank May Outsource German Fund Admin

Deutsche Bank may outsource parts of the fund administration arm of DWS Investments, its mutual fund management business, to State Street
By None

Deutsche Bank may outsource parts of the fund administration arm of DWS Investments, its mutual fund management business, to State Street.

According to sources close to the deal, a letter of agreement has been signed, and further announcements will be made over the next few weeks.

Deutsche Bank sold its Global Securities business to State Street in 2003.

State Street has won a number of outsourcing mandates recently. In December 2009 Morgan Stanley Investment Management appointed State Street Corporation to provide investment manager operations outsourcing services for approximately $300 billion in assets.

According to a Reuters report on the Deutsche Bank/State Street deal , the German banks aims to cut $317.4 million from its investment management division by 2011.

Deutsche Bank declined to comment on the matter.

«