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Fitch Affirms DB Advisors at 'M2+'

Fitch Ratings has affirmed DB Advisors' Asset Manager Rating at 'M2+'. DB Advisors is the brand name for the institutional investment management activities of the Deutsche Bank group ('A+' /Stable/'F1+'). The rating covers DB Advisors' Frankfurt-based investment activities.

The main driver of the affirmation is DB Advisors' proven operational excellence based on a modern technological platform and the efficient risk management framework to protect its client assets. The termination of Deutsche Bank group's negotiations for the sale of its global asset management activities of which DB Advisors is part of, has removed a key risk to the firm's asset manager rating.

Nevertheless Fitch has taken into account a reduced commitment of DB Advisors' main shareholder into its company and staffing score, until the group fully clarifies its asset management strategy expected in September 2012. Until then, Fitch recognises that a range of different options may be considered, including maintaining the status quo, internal restructuring or external solutions. The agency will assess them as they occur.

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