Deka Investment is to complete the takeover of €3.5 billion worth of bond funds from rivals LBB-Invest in a move which coincides with Citywire + rated Lutz Röhmeyer leaving the company.
As reported by Citywire Selector’s sister site Citywire Deutschland, the transfer of the funds is set to be completed on April 1, which will include the 10-strong bond team of Deka taking over day-to-day management.
LBB-Invest was acquired by Deka Bank in 2014 and this marks the second stage of integration, which is the consolidation of asset management capabilities within Deka’s Frankfurt operations.
Röhmeyer is best known for running the WeltZins-Invest fund, which has €1.7 billion in assets, he had overseen this fund since July 2010. Röhmeyer runs a total of five funds and has more than 16 years of investment experience.
The entire product fund range is set to move as part of the transfer, with management moving from LBB-Invest’s Berlin base to Frankfurt. LBB-Invest will also be renamed as Deka Vermögensmanagement.