Deutsche Bank has announced it has merged two of its family offices into one unit to create Deutsche Oppenheim Family Office, creating the largest family office in Germany. It will offer a full range of services for ultra-high net worth clients as well as cooperation with single or multi family offices.
Created from the merger of Oppenheim Vermögenstreuhand and Wilhelm von Finck Deutsche Family Office, the new family office has total assets under management of around €10 billion.
A Deutsche Bank spokesman said the new office would cater to a range of clients, including institutional investors and entrepreneurs. He confirmed a minimum investment of €10 million would be needed for asset management services, while services spanning wealth planning, asset management, real estate consultancy, reporting and controlling, and other services would start with a minimum €30 million investment. The family office would have expertise across all asset classes, including traditional and alternative investments.
In the long term Deutsche Bank aims to grow the traditionally domestic-focus of the family office outside of Germany. Most jobs will be retained in the merger with approximately 80 staff to be based in offices in Frankfurt, Cologne and Munich.
The move comes amid wider restructuring at the bank, outlined last September, which aims to double its profits by 2015.