DekaBank plans to merge four of its open-ended property investment funds into two funds from October 1 as part of a streamlining operation designed to make the funds broader and more robust, the German bank said on Tuesday. Deka-ImmobilienFonds will be incorporated into Deka-ImmobilienEuropa and WestInvest 1 will be integrated into WestInvest InterSelect.
DekaBank plans to merge four of its open-ended property investment funds into two funds from October 1 as part of a streamlining operation designed to make the funds broader and more robust, the German bank said on Tuesday. Deka-ImmobilienFonds will be incorporated into Deka-ImmobilienEuropa and WestInvest 1 will be integrated into WestInvest InterSelect.
'The bundling of our funds is in the interests of shareholders,' said DekaBank's head of property Matthias Danne. 'We plan to create two large-volume European property funds, which will each have a strong German share for the time being. Both funds will clearly be broader and more robust as a result,' he added.
The merger has been approved by Germany's financial market regulator BaFin, DekaBank said.
