Flick Gocke Schaumburg advises Berenberg on sale of asset management business to Donner & Reuschel

Flick Gocke Schaumburg is advising the private bank Berenberg on the sale of its asset manager office business to the banking house Donner & Reuschel. The closing of the transaction is subject to clearance by the German Federal Cartel Office and the approval of the regulatory authorities. Both parties have agreed not to disclose the purchase price.

The private bank Berenberg manages an investment volume of approximately eight billion euros in the asset manager office business segment. The bank acts as a custodian for funds of five capital management companies and as a custodian bank for the clients of independent asset managers. Berenberg’s asset manager office business segment comprises 32 highly specialized employees in Hamburg, Luxembourg, Munich and Frankfurt. All of them will receive an offer from Donner & Reuschel to continue their activities under the new owner.

Berenberg is also withdrawing completely from Luxembourg due to the sale of the asset manager office.

Advisors to Berenberg:
Flick Gocke Schaumburg (Hamburg): Fred Wendt (lead), Christian Zimmermann, who joined Flick Gocke Schaumburg’s Hamburg office on October 1, are advising Berenberg Bank.