DB Advisors buys Standard Life money market funds

Handshake_1Deutsche Bank's institutional asset management arm, DB Advisors, is buying some money market funds from Standard Life Investments, which is quitting the cash funds business a year after it was fined by the UK's Financial Services Authority (FSA) for misleading investors in the marketing material for one of its money market funds. The deal will add £2bn of sterling assets, €1.25bn in euro-denominated assets and some dollar assets to DB Advisors' existing money market funds. In 2010 the FSA fined Standard Life £2.45m (€2.7m) for “serious systems and controls failings” that led to misleading advertising for its Pension Sterling fund. In 2009, the fund lost £100m in value when it became clear its assets were linked to toxic mortgages. Standard Life subsequently compensated investors, who had previously viewed the fund as a safe haven without exposure to risky assets. ©2011 funds europe

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