The sale of Deutsche Bank's interest in DEXUS Property Group will have no bearing on the investment manager's existing operations, a company chief has said.
Deutsche Bank's global investment management business, RREEF Alternative Investments, announced yesterday it has sold its 50 per cent in the management company of DEXUS Property Group (formerly DB RREEF Group) to DEXUS' unitholders.
"From the perspective of Deutsche Asset Management here in Australia, nothing really changes. The RREEF business remains the same, the management business remains the same - so we'll still be a key player in this market with a range of products from DWS, Deutsche Asset Management and RREEF Alternative Investments," RREEF Australian chief executive John Dorrian said.
DEXUS approached RREEF about the sale stating the prior arrangements with RREEF and Deutsche has limited its strategic freedom to take advantage of off shore opportunities.
The decision to part ways with DEXUS ends a lengthy brand confusion issue. Many were confusing DEXUS' former name DB RREEF as being Deutsche Bank's business, Dorrian said.
"In my perspective to build the Australian business of RREEF it's fantastic that the brand confusion is gone," he said.
"The Asia pacific region for RREEF is a key area for growth. In the last 18 months we've doubled our people to over 100, doubled our funds under management to 10 billion Euros and we see this as a great time to be looking to expand our exposure to the Australian market."
RREEF expects to launch a number of new products to the Australian market in real estate, infrastructure and private equity fund of funds.
