GERMANY - Deutsche Bank has set up a pension asset-pooling vehicle in Luxembourg aimed at its employees' pension assets and at other companies' funds.
A spokesperson has confirmed the bank is in the process of assembling up to €6bn (US$9bn) in pension assets of its German employees. The next step will be to migrate the assets of Deutsche Bank's employees in other European countries.
He said it was "difficult to say when we are going to have what volume in the newly created pension vehicle".
The following step will be to attract the pension assets of client companies, the spokesperson added.
Deutsche Bank is partnering with State Street, who will act as administrator on this project.
The spokesperson said: "It will make sense to pull the pension assets of clients originated in Germany, who have an international presence, into the central vehicle we have created in Luxembourg.
"We think this project has a great potential for growth and we are benefiting from the good relationship we have had with State Street for several years."
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