FRANKFURT - Deutsche Bank and Dresdner Bank both announced Wednesday that they plan to start selling nonproprietary mutual funds by the summer.
The announcements by Germany's No. 1 and No. 3 banks came six months after its second-largest, HypoVereinsbank, unveiled its plan to begin selling other companies' mutual funds. Deutsche Bank and Dresdner, which are both based in Frankfurt, currently offer restricted access to other companies' funds through the banks' Web sites.
Dresdner said it will open a "fund of funds" by June and begin recommending non-Dresdner funds through its advisory unit by the third quarter.
Deutsche Bank, which has about 45 proprietary funds, did not detail how it will market others' funds. The company manages $79 billion of fund assets, against, Dresdner's $49 billion.
The two did not name any of the companies whose funds they will offer.