German private banking company Hauck & Aufhäuser have added Sal Oppenheim Jr & Cie to their group, along with Luxembourg S.A. and Oppenheim asset management services - two entities previously owned by Deutsche Bank. The acquisitions will add €25 billion to assets which sat at €50 prior to the deals expanding their assets servicing activities.
Hauck & Aufhäuser – which was bought by Chinese investment firm Fosun in September 2016 – seems to be continuing their strategy of increased presence in Luxembourg, adding one hundred twenty new employees to the already one hundred seventy working in their Luxembourg office. It is estimated the acquisition – whose price has been kept confidential – will be concluded by July 2017, after the regulatory authorities review the transaction and give approval. The transaction also benefits Deutsche Bank who will continue to operate under the fund platform of Sal. Oppenheim.