Deutsche and Amvescap strike distribution deal
GERMANY/UK- Deutsche Bank and Amvescap’s Invesco have announced an alliance in which Deutsche will distribute Invesco’s products to its client base.
The agreement is the first for Deutsche’s private client and asset management division and is part of an ongoing attempt to build up its so-called ‘open architecture approach’ that enables clients to access third party investment products.
Deutsche will distribute Invesco’s funds alongside its own across Europe and it is planning further deals with other investment managers.
Jean-Baptiste de Franssu, CEO of Invesco in continental Europe, says: “Deutsche Bank’s clients will be able to access a wide range of products provided by Invesco’s global investment reach.
“At the same time the unique structure of Deutsche Bank’s private client and asset management division makes Deutsche Bank an ideal partner for Invesco.”
To date, open architecture has manifested itself in a number of small agreements but the size of both parties involved is thought likely to lead to competitors seeking similar agreements.
Deutsche has assets of over e900bn following its acquisition last year of Scudder, Zurich Financial Services’ US fund unit. Amvescap manages e443bn in assets.