Deutsche Bank's asset management division announced Wednesday that its global insurance asset management business will manage Converium's $5 billion insurance portfolio.
The global insurance asset management business, based in New York, will become the advisor for Converium's $5 billion balance of invested assets, including $4 billion of fixed income assets. Converium is an independent international multi-line reinsurer based in Zug, Switzerland.
Assets will be managed by Deutsch Bank's asset management division's investment professionals in Zurich and New York.
Deutsche Bank's global insurance asset management is the world's largest third-party manager of insurance portfolios with $151.9 billion in assets under management as of March 31, 2006.
