UK - Deutsche Asset Management UK is set to acquire Anglo & Overseas Trust's 43% stake in Deutsche Investment Trust Manager (DITM) for £3m in cash.
Deutsche AM will be the sole shareholder in DITM, once the purchase is completed and consolidates its commitment to investment trust as a vehicle for institutional and ratial investors, Deutsche AM said.
Both the purchase and an updated management agreement between Anglo & Overseas (A&O) and DITM, including the introduction of a performance fee, are subject to formal legal documentation and approval by A&O shareholders.
Paul Berriman, UK chief executive of Deutsche AM, said: “We are ambitious to grow our UK retail and investment trust businesses, and joint ownership of DITM is inconsistent with our objectives.
“Anglo & Overseas remains DITM’s flagship client and we look forward to continuing our long and close association with the Trust.”
Alistair Mitchell-Innes, chairman of A&O, added: “Whilst DITM has been a successful investment for us, recent developments in corporate governance have made us increasingly concerned about the conflicts associated with being both owner and client and we are therefore pleased to be able to resolve that issue.
“Our new management agreement will include provision for the payment of a performance fee to the Managers where shareholders have enjoyed both outperformance against the Trust’s benchmark and positive absolute performance. This is a welcome development which should benefit shareholders over time.”
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