Germany's largest financial and insurance distributor, DVAG, will continue to offer its clients DWS funds and other Deutsche Bank products for another ten years.
The distribution partnership, which has been in place since 2001, has been extended for a further decade, Deutsche Bank subsidiary DWS announced on Monday. "DVAG is one of our most important strategic partners in our home market, whom we have greatly valued for two and a half decades," said Deutsche Bank CEO Christian Sewing.
According to the statement, since 2001, the partnership has built up a client volume of around €48 billion, of which €35 billion is invested in actively managed DWS funds. DVAG clients have invested in 1.5 million savings plans based on investment funds. Additionally, DVAG has referred 1.1 million customers to Deutsche Bank, where they benefit from special conditions on products such as current accounts.
Unlike most financial distributors that sell products from multiple banks and insurers, Deutsche Vermögensberatung (DVAG) has chosen to partner exclusively with one provider for each of its offerings. In the insurance sector, this partner is the German subsidiary of Italy's Generali, which also holds a 40 percent stake in DVAG. The remaining 60 percent is owned by the family of company founder Reinfried Pohl.
(Reporting by Alexander Hübner, edited by Ralf Banser. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
