Deutsche Bank AG's asset management division said its global insurance asset management business will manage the $5 billion insurance portfolio of Converium Ltd., a multiline reinsurer based in Zug, Switzerland.
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The global insurance asset management business, based in New York, will become the adviser for Converium's invested assets, including $4 billion of fixed-income assets, Deutsche Bank said Wednesday. The assets will be managed by 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 of assets under management as of March 31.
