Deutsche Bank acquires Sal. Oppenheim including PE fund of funds arm

Deutsche Bank will acquire 100 per cent of Sal. Oppenheim, with present shareholders given the option of taking a long-term shareholding of up to 20 per cent of German subsidiary Sal. Oppenheim jr & Cie, based in Cologne. The global investment bank has said that it plans to sell off the group’s asset servicing division, BHF.

Dr Josef Ackerman, chairman of the management board, Deutsche Bank, said, “Through the acquisition of this respected private banking house we will strengthen our asset and wealth management in Europe and especially in Germany. We are continuing to strengthen our stable businesses. This is an excellent base for further global growth in this area."

The SOPEP fund of funds business has 90 employees and about €5bn under management.

Earlier this year, SOPEP said that it would be taking a defensive investment stance focusing on risk management. Managers identified secondaries as an attractive investment opportunity, citing an average IRR of 18 per cent from the €100m the firm had invested in the asset class since 2002.

Global infrastructure investments were also identified as a key focus area. Andrés Ebhardt, SOPEP managing director of sales, said at the time, “From an investor's point of view, infrastructure projects are particularly interesting because they are characterised by stable ongoing returns, significant diversification benefits, and minimal correlation with exchange-traded investments such as shares and bonds.”

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