Norddeutsche Landesbank Girozentrale will sell a majority stake in unit NORD/LB Asset Management AG to M.M.Warburg & CO (AG & Co.) KGaA.
As part of the deal, terms of which were not disclosed in the Feb. 1 statement, NORD/LB Asset Management and M.M.Warburg's Warburg Invest KAG mbH will be brought under a new holding company. M.M.Warburg will take a 75.1% stake in the newly created firm and assume its operational management, while NORD/LB will retain a 24.9% holding.
The holding company will have locations in the German cities of Hamburg and Hanover, as well as assets under management and administration totaling more than €34 billion.
Completion of the deal is subject to approval from competent authorities.
