Short Takes: Dresdner in Deal for Dutch Asset Manager

Dresdner Bank Luxembourg S.A., a unit of Frankfurt-based Dresdner Bank AG, said Thursday that it plans to buy a Dutch asset management company.

Veer Palthe Voute Capital Asset Management is based in Gouda, Holland, and specializes in private banking and institutional investing, a Dresdner spokesman said. The company manages $725 million. The acquisition would let Dresdner capitalize on Europe's growing asset management market, he said. Terms were not disclosed and it is unclear when the deal will close.

At the end of 1998, Dresdner managed approximately $229 billion worldwide. The bank manages some U.S. assets, through Dresdner RCM Global Investors based in San Francisco. That unit has $63 billion under management, some of which is in U.S. assets.