Deutsche Asset Management has absorbed the quantitative investment capabilities of Sal. Oppenheim as it moves to merge the investment firm into its wider group.
Following the move Sal Oppenheim will be integrated into the wider Deutsche Bank, with wealth management clients being transferred to Deutsche Bank’s wealth management unit.
Sal. Oppenheim’s asset management operations are already part of Deutsche AM for reporting purposes, but moving the quant arm is designed to give the company greater systematic strength.
Deutsche AM stressed the change would not impact how the quant approach currently operates or its investment philosophy.
In a press statement, Christian Sewing, deputy CEO of Deutsche Bank, said: ‘This was a difficult decision for us. In the end, the earning situation left us no choice. The integration creates advantages, as we unite the strengths of both firms and enables us to offer our clients the best possible advice and service.’
Sal. Oppenheim’s asset management employees, along with the quant unit, will be transferred to Deutsche AM’s Cologne base. Deutsche Bank said it would try to find as many roles as possible for the former Sal. Oppenheim wealth management employees.