DG PanAgora Gets German License to Market Investment Products to German Institutional Investors; Goal: $3 Billion Under Management in 2 Years.BOSTON--(BUSINESS WIRE)--March 16, 1999--DG PanAgora, the joint venture between Frankfurt-based DG BANK and PanAgora Asset Management, a leading global institutional money management firm based in Boston, has received its license from German federal banking authorities to develop and market its funds and other investment products throughout Germany, DG BANK Deutsche Genossenschaftsbank AG, and PanAgora officials jointly announced today. Peter Prentzel has been named Managing Director of Marketing, and Dr. Andreas Sauer has been named Managing Director and Chief Investment Officer for DG PanAgora, which is also headquartered in Frankfurt. Company plans call for the development and marketing of investment products throughout Austria, Switzerland and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , as well as within Germany. DG PanAgora will be fully operational on April 1, 1999. Bruce Clarke
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about DG PanAgora reaching its goal to build assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in Germany to between four and five billion Deutschemarks (approximately US$2.5-3 billion) during the first two years." DG PanAgora will offer global equity and bond funds, as well as regional European funds to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . PanAgora Asset Management is equally owned by Nippon Life and Putnam Investments Putnam Investments was founded in 1937 by George Putnam. At the same time, he founded its first mutual fund offering, The George Putnam Fund of Boston.[1] Putnam has offices in London and Tokyo, and its headquarters is located in Boston, Massachusetts. . Founded in 1985, PanAgora manages over $16 billion on behalf of corporate and public pension plans, endowments, foundations and mutual funds. DG BANK has 19,500 branch offices and 2,300 "cooperative banks" throughout Germany. |
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