Commerzbank AG's agreement last week to acquire Montgomery Asset Management would be the first acquisition of a U.S. retail mutual fund complex by a foreign bank if the Fed approves it.

The deal is scheduled to close by July 31, but the Fed has never before given the green light to a foreign bank's acquisition of a U.S. retail mutual fund, according to an industry lawyer.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.