NEW YORK Deutsche Asset Management is uniting its mutual funds under a single name.
Effective May 7, the unit of Deutsche Bank AG plans to merge its Flag Investors family of funds with the Deutsche Asset Management family.
Flag Investors has $11 billion of assets in 19 portfolios and was begun in 1984 by Alex. Brown, a firm Deutsche Bank acquired when it bought Bankers Trust in 1999. Flag is a load fund group sold mainly through brokerage firms and financial planners.
In January 2000 Deutsche began consolidating its groups of mutual funds by combining Bankers Trusts no-load funds with similar portfolios from its Morgan Grenfell subsidiary and creating Deutsche Asset Management, a $35 billion-asset family.
With the Flag Investors funds, Deutsche Asset Management would have about 70 portfolios with more than $48 billion of assets.
Ross Youngman, managing director and head of mutual funds at Deutsche Asset Management, said the company hopes to capitalize on Deutsches brand by unifying the funds under one name.
In addition, Deutsche plans to expand the fund lineup within six months by starting five global sector funds, Mr. Youngman said.