GLOBAL - Deutsche Bank has completed the $2.5bn acquisition of Zurich Scudder Investments (ZSI), the asset management division of Zurich Financial Services (ZFS).
Last December, Deutsche agreed to pay ZFS $2.5bn to acquire its fund management operations, with ZFS taking control of Deutsche’s insurance businesses. ZFS agreed to sell Deutsche its asset management businesses - with the exception of Threadneedle - in return for cash and Deutsche’s Italian, Portuguese and Spanish insurance businesses and Deutsche Herold.
Whilst the sale of Deutsche’s insurance operations is due to be completed within the next few days, ZFS said that the sale of its German and Italian fund management operations will be finalised during the second quarter. News of the completed sale comes as ZFS continues to dispose of assets, following its poor results for 2001. Last month, the firm announced that it had sold its Mexican pensions business to Principal Financial for an undisclosed sum, in order to focus on insurance.
Just hours after the sale of its Mexican business was announced, ZFS revealed that it was selling its East European operations to Generali. Generali is acquiring ZFS’ operations in Poland, Hungary, Slovakia and the Czech Republic for an unspecified sum.
By Geoffrey Ho
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
This week's top stories include an article on climate activists from Extinction Rebellion crashing the PLSA's local authority conference, and an in-depth piece on the Court of Appeal's ruling on the BIC UK Pension Scheme case.
Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled