Deutsche AWM’s Berlin Smart Beta Summit gives international investors the big picture on deploying strategic beta strategies
Smart Beta Summit gives international investors the big picture Finding alternative sources of income is the defining issue for investors as well as for the asset management sector in general. One solution, which is the subject of much discussion at present, is smart or strategic beta. The term encompasses numerous rules-based strategies, but in general the overall objective is to improve the risk/return profile of an investment in comparison to a market portfolio by exploiting systematic equity or bond factors.
Deutsche Asset & Wealth Management, with the inclusion of other prestigious financial institutions, is today hosting a unique Smart Beta Summit in Berlin, attended by international investors. Guests include insurance companies, banks, family offices, foundations, pension funds and wealth managers from across Europe and the Middle East.
Highlights of the Summit include:
– The scientific framework undepinning strategic beta portfolios explained by Spyros Mesomeris, Head of the Quantitative Strategy Group & Quantitative Investment Solutions Group at Deutsche Bank. He is one of the world’s leading experts on factor investing. His particular focus is analysis in terms of how certain economic scenarios – such as economic phases, inflation and interest rate developments – can be used to quantitatively derive the optimal deployment of certain strategic beta strategies.
– Vincent Denoiseux, responsible for development of strategic beta portfolios at Deutsche AWM, demonstrated the concrete ways in which strategic beta can be implemented practically. For example, in the fixed income arena, weighting towards bonds issued by financially stable states is one way of implementation. This potentially enhances the return profile in comparison to typical market benchmarks, where the outstanding issue volume is crucial to the weighting. Similarly, strategic beta solutions can be applied to corporate bond and dividend indices to enhance results.
– Ali Masarwah, Editor-In-Chief of Morningstar Europe, the strategic beta ETF market share of the European ETP market as a whole has doubled in the last five years to approximately seven per cent. In the US market strategic beta ETFs already account for more than 20 per cent of the ETP market. However, whether or not this trend is replicated in Europe depends on many factors related to the products and the markets. An interesting fact is that dividend-related strategies account for the majority of strategic beta ETFs in Europe. According to Morningstar, in Europe strategic beta ETFs are particularly heavily used in ETF fund-of-funds.
– Index provider MSCI has identified six factors that have, over time, provided positive excess return: size; yield; value; momentum; quality and volatility. According to Dimitris Melas, Managing Director and Head of Equity Research at MSCI, each of these factors can be reflected in rules-based indexes, depending on investor needs. For example, a factor exposure can be reflected in an index by tilting the weights of the index towards the desired factor, or by selecting a subset of securities with high factor exposures.
– Index provider STOXX has developed a more concrete version of a strategic beta solution in the equity segment. They focused on how regional classification of companies can be optimized in equity indices. Hartmut Graf, CEO of STOXX, outlined specific examples in which it can make sense to categorize equities by their regional spread of turnover and profits, rather than by their headquarters’ location.
– Arom Pathammavong, Global Head of Citi Fixed Income Indices, illustrated how strategic beta solutions are also available on fixed income. He highlighted opportunities using examples from both the corporate and the government bond markets. Using time from downgrade as an alternative weighting approach helps capture market behavior such as the price dynamics over the potential rebound period that fallen angel bonds experience after their rating change. Another example is using fundamental weights such as a country’s debt-to-GDP and the ability to service its debt, rather than its total amount of debt outstanding, to capture debt burden and repayment capability. For More information on the Smart Beta Summit Berlin
Deutsche Asset & Wealth Management launches USD corporate bond ETF
Deutsche Asset & Wealth Management launches an ETF that provides exposure to the US dollar-denominated liquid corporate bond market.
db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)* tracks the Barclays USD Liquid Investment Grade Corporate Index. The index comprises almost 1,500 bonds2, over 80% of which have been issued by US-domiciled companies. The ETF has listed on the Deutsche Börse and will shortly list on the London Stock Exchange.
The average credit rating of bonds in the index is investment grade (i.e. at least Baa3 from Moody’s, BBB from Fitch Ratings, or BBB- from Standard & Poor’s), while the current index yield is 3.69%3.
“With yields on many short maturity major government bonds now in negative territory, which means investors are effectively paying to own these bonds, there is a demand for fixed income exposure that generates a reasonable yield. Our new US dollar corporate bond ETF helps meet that demand,” comments Erik Rotander, Head of the Nordics, Passive Investments.
The ETF is physically replicating and has an All-in Fee of 0.2% per annum.
By the end of August this year, fixed income ETFs globally had generated almost USD 52.8 billion in inflows year-to-date4.
Deutsche AWM has a large suite of fixed income ETFs, including the db x-trackers Barclays Global Aggregate Bond UCITS ETF**, which tracks the global market for government, governmental, supranational, corporate, asset-backed and mortgage-backed securities across the full spectrum of maturities and the investment-grade credit rating range. The ETF launched in March 2014 and has EUR 500 million in assets under management5.
1 Source: Deutsche AWM, September 29, 2015
2 Source: Barclays Bank plc, September 17, 2015
3 Source: Barclays Capital Indices, October 4, 2015
4 Source: ETFGI, September 8, 2015
5 Source: Deutsche AWM, September 29, 2015
* A sub-fund of Concept Funds Solutions plc.
** A sub-fund of db x-trackers and domiciled in Luxembourg.
Product Details
Name of ETF: db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)
BBG Code: XDGU
ISIN: IE00BZ036H21
Fund Currency: USD
Listing Currency: USD
Annual All-in Fee: 0.20%
Physical/synthetic: Physical
UCITS compliant: Yes
Deutsche Asset & Wealth Management
With EUR 1.14 trillion of assets under management (as of June 30, 2015), Deutsche Asset & Wealth Management¹ is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.
Investors should note that the db X-trackers UCITS ETFs1 are not capital protected or guaranteed and investors should be prepared and able to sustain losses of the capital invested up to a total loss.
Shares in db X-trackers UCITS ETFs which are purchased on the secondary market cannot usually be sold directly back to the relevant fund. Investors must purchase and redeem such shares on the secondary market with the assistance of an intermediary (e.g. a market maker or a stock broker) and may incur fees for doing so (as further described in the applicable prospectus). In addition, investors may pay more than the current net asset value of a share in a db X-trackers UCITS ETF when buying shares on the secondary market, and may receive less than the current net asset value when selling such shares on the secondary market.
Investments in funds involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. The value of an investment in a db X-trackers UCITS ETF may go down as well as up and investors may not get back the full amount of their original investment.
Important Notice
This press release has been issued and approved by Deutsche Bank AG, London Branch and has been prepared solely for information purposes and, offer or a recommendation to enter into any transaction.
Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No. 30 000; Branch Registration in England and Wales BR000005 and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB.
Please refer to the relevant fund’s full prospectus and the latest version of the Key Investor Information Document for more information on db X-trackers UCITS ETFs. These documents are available free of charge from Deutsche Bank AG, London Branch and constitute the only binding basis for purchase of shares in the ETFs. As explained in the relevant offering documents, distribution of ETFs is subject to restrictions in certain jurisdictions. The ETFs described herein may neither be offered for sale nor sold in the USA, in Canada, in Japan to US Persons or to persons residing in the USA.
The indices mentioned herein are registered trademarks of their respective licensors. The ETFs described in this document are not sponsored, endorsed, sold or promoted in any way by the Licensors of the indices mentioned herein (with the exception of Deutsche Bank AG). The Licensors of the indices mentioned here (including Deutsche Bank AG) make no representations or warranties concerning the results obtained by using their indices and/or index levels or in any other respect, on any given day. The index sponsors are not liable for errors in their indices and are not obliged to provide information of such errors.
Inom kort kommer vi också lista 3 nya ETF:er med exponering mot:
Globala aktier
Nordamerikanska aktier med hög utdelning
Amerikanska småbolag
De nya ETFerna har bland annat europeiska Small Cap aktier och högutdelande bolag som underliggande tillgångar, hur kommer det sig att ni valt just dessa inriktningar?
Förandringen i utbudet är ett resultat av ingående diskussioner med våra klienter i Sverige och vad vi sett efterfrågas på andra marknader. Vi har redan en ETF med europeiska aktier som underliggande och europeiska småbolag och europeiska aktier med hög direktavkastning är naturliga komplement till denna. På så satt kan investerare få tillgång till olika kategorier av europeiska bolag utöver det traditionella alternativet via sin lokala börs.
Aktier med hög utdelning kan också vara extra intressanta mot bakgrund av det allmänt laga räntelaget.
Efter förändringarna av era ETF-listningar har ni över 20 stycken ETFer listade på Nasdaq Stockholm, hur ser ni på den svenska ETF-marknaden?
Vi är positiva till den svenska ETF marknaden. Vi listade ETF:er på Stockholmsborsen första gången 2010 och är det fondbolag med flest ETF:er listade där. Detta visar att vi ar långsiktiga och har ett starkt engagemang i den lokala marknaden. Något som vara klienter och lokala partners särskilt uppskattar.
Vad tycker du är de stora fördelarna med att handla börshandlade fonder jämfört med vanliga fonder?
ETF:er är transparenta och kostnadseffektiva investeringsprodukter. På Stockholmsborsen erbjuder vi nu t.ex ETF:er på Eurostoxx 50, DAX och MSCI World till marknades lägsta förvaltningsarvoden.
En annan fördel är att du handlar i realtid som en aktie och på så sätt vet vilket pris du får direkt.
Hur ser ni på framtiden för ETFer?
Vi ser positivt på framtiden. ETF-marknaden visar start tillväxt år efter år och vi tror att det kommer att fortsatta. Vi ser fram emot att vara aktiva på den svenska marknaden i framtiden.
Deutsche Asset & Wealth Management alters ETF product line and enhances Swedish offering
Deutsche Asset & Wealth Management alters ETF product line and enhances Swedish offering Deutsche Asset & Wealth Management (Deutsche AWM) is altering its exchange-traded fund (ETF) line up on the Nasdaq Stockholm by de-listing certain funds while rolling out a suite of new offerings.
Ten db X-trackers ETFs will be de-listed from the Stockholm market while seven new listings will take place with a view to offering investors a broad range of international equity exposures, spanning both developed and emerging equity markets, as well as single countries. Dividend and small cap strategies for selected developed markets will also be offered. Additional ETFs from Deutsche AWMs Core-ETFs range will also be added to the product suite.
Those ETFs that are de-listing in Stockholm will continue to be listed on exchanges elsewhere in Europe. Following the changes, Deutsche AWM will continue to be the biggest ETF manager locally based on number of listed ETFs.
“We first listed ETFs on the Nasdaq OMX in 2010 and our continuing commitment to the local market is reflected in the enhanced product line-up. Our strategy is to deliver relevant international equity exposure locally, so investors in the region can use our ETFs as building blocks for cost-effective and diversified portfolios,” said Erik Rotander, Head of Nordics, Passive Investments, at Deutsche AWM.
Deutsche AWM’s European-listed db X-trackers ETFs have generated almost EUR 8 billion of inflows year-to-date (Source: Deutsche AWM, 13 August, 2015). This follows the successful move to become one of the Europe’s leading providers of physical ETFs following a programme of switching replication strategy on some of its largest funds by assets under management.
A table of db X-trackers ETFs that will constitute the new Nasdaq Stockholm-listed product suite – including ETFs due to list – is below, as well as a list of those ETFs de-listing. A Q&A on the alteration of the product line-up is available at www.etf.deutscheawm.com
For further information please contact:
John Ferry
Deutsche Asset & Wealth Management
New product line-up on the Nasdaq Stockholm
Green products remain listed. Blue products are additional listings
De-listings on the Nasdaq Stockholm (And exchanges where the ETFs remain listed)
Deutsche Asset & Wealth Management With EUR 1.14 trillion of assets under management (as of June 30, 2015), Deutsche Asset & Wealth Management¹ is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents. www.db.com
Key risks
Investors should note that the db X-trackers UCITS ETFs1 are not capital protected or guaranteed and investors should be prepared and able to sustain losses of the capital invested up to a total loss.
Shares in db X-trackers UCITS ETFs which are purchased on the secondary market cannot usually be sold directly back to the relevant fund. Investors must purchase and redeem such shares on the secondary market with the assistance of an intermediary (e.g. a market maker or a stock broker) and may incur fees for doing so (as further described in the applicable prospectus). In addition, investors may pay more than the current net asset value of a share in a db X-trackers UCITS ETF when buying shares on the secondary market, and may receive less than the current net asset value when selling such shares on the secondary market.
Investments in funds involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. The value of an investment in a db X-trackers UCITS ETF may go down as well as up and investors may not get back the full amount of their original investment.
Important Notice
This press release has been issued and approved by Deutsche Bank AG, London Branch and has been prepared solely for information purposes and, offer or a recommendation to enter into any transaction.
Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No. 30 000; Branch Registration in England and Wales BR000005 and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB.
Please refer to the relevant fund’s full prospectus and the latest version of the Key Investor Information Document for more information on db X-trackers UCITS ETFs. These documents are available free of charge from Deutsche Bank AG, London Branch and constitute the only binding basis for purchase of shares in the ETFs. As explained in the relevant offering documents, distribution of ETFs is subject to restrictions in certain jurisdictions. The ETFs described herein may neither be offered for sale nor sold in the USA, in Canada, in Japan to US Persons or to persons residing in the USA.
The indices mentioned herein are registered trademarks of their respective licensors. The ETFs described in this document are not sponsored, endorsed, sold or promoted in any way by the Licensors of the indices mentioned herein (with the exception of Deutsche Bank AG). The Licensors of the indices mentioned here (including Deutsche Bank AG) make no representations or warranties concerning the results obtained by using their indices and/or index levels or in any other respect, on any given day. The index sponsors are not liable for errors in their indices and are not obliged to provide information of such errors.
All-in Fee:
Direct replication funds. • Investors should be aware that in addition to the All-In Fee, other factors may negatively impact the performance of their investment relative to the underlying index. • Examples include: Brokerage and other transaction costs, Financial Transaction Taxes or Stamp Duties as well as potential differences in taxation of either capital gains or dividend assumed in the relevant underlying index, and actual taxation of either capital gains or dividends in the fund. • The precise impact of these costs cannot be estimated reliably in advance as it depends on a variety of non-static factors. Investors are encouraged to consult the audited annual- and un-audited semi-annual reports for details.
Deutsche AWM erhåller RQFII-licens Deutsche Asset & Wealth Management Investment GmbH har som den första institutionen i Tyskland beviljats en ”Renminbi Qualified Foreign Institutional Investor-licens (RQFII). Med licensen på plats kan Deutsche Asset & Wealth Management Investment GmbH nu ansöka om kvoter för att investera i Kina värdepapper.
I och med detta tar Kina ytterligare ett steg mot en internationalisering av den inhemska finansmarknaden.
Deutsche AWM stärker ytterligare sin position som en av de främsta kapitalförvaltarna för investeringar i kinesiska värdepapper.
Deutsche AWM har 4,5 miljarder euro under förvaltning i fonder med renminbin-exponering*.
Tilldelningen av licensen följer efter en överenskommelse från 2014 mellan Tyskland och Kina om en kvot på RMB 80 miljarder (ca. 11,2 miljarder euro) som tysk-baserade finansiella institutioner kan använda för att investera i Kinas inhemska kapitalmarknad. Bundesbank beskrev överenskommelsen som en milstolpe på vägen mot att skapa ett handelscentrum i Frankfurt för investeringar med exponering mot Kinas valuta Renminbin.
”Deutsche AWM har gått i spetsen för att ge internationella investerare tillgång till Kinas inhemska kapitalmarknad. Därför gläder det oss att vara den första kapitalförvaltaren i Tyskland som tilldelas en RQFII-licens. Med Kinas enorma tillväxtpotential är det en mycket viktig marknad för våra kapitalförvaltningskunder”, säger James Dilworth, vd för Deutsche Asset & Wealth Management Investment GmbH.
En tungviktare för fonder med Renminbin-exponering
Deutsche AWM har flera fonder som erbjuder exponering mot Kina och är dessutom en av de största leverantörerna av kinesiska a-aktier i Europa och USA med ett förvaltat kapital på över 2 miljarder Euro (per 1 jan 2015). Detta inkluderar de första RQFII-ETF:erna som godkändes i Europa och USA, som båda är kopplade till CSI300 Index bestående av de 300 bolagen med störst börsvärde och likviditet bland A-aktier noterade i Kina.**
Reinhard Bellet, Deutsche AWM chef Passiv Asset Management: ”Med program som QFII (Qualified Foreign Institutional Investor), RQFII och nu även det nyligen introducerade Hongkong-Shanghai Stock Connect-initiativet är Kina på god väg att framgångsrikt internationalisera sin finansmarknad. Efterfrågan på våra Kina ETF har varit betydande och vi välkomnar all utvidgning av programmet.”
Inom den aktiva förvaltningen lanserades Deutsche Invest I China Bonds i augusti 2011. Fonden har lockat USD 2,2 miljarder i tillgångar (per 20 feb 2015) och den betonar det betydande intresset. Fonden erbjuder investerare tillgång till Kinas Renminbi-denominerade obligationsmarknaden med fokus på obligationer med ”bra” till ”mycket bra” kreditvärdighet.***
”Vi har varit engagerade som investerare i Kina ända sedan marknaden började öppna upp internationellt vilket är anledningen till att Deutsche AWM är en av världens ledande experter på att tillhandahålla investeringslösningar för kinesisk exponering. Idag fokuserar vi på renminbi-denominerade eller renminbin-säkrade offshore obligationsinvesteringar. Framledes, och när vi har fått vår kvot, vill vi erbjuda utökad möjligheter, inklusive onshore och offshore-obligationer. Slutligen är det inte bara om att få tillgång till denna marknad – det handlar om att skapa mervärde och överavkastning för våra kunder”, tillägger Dilworth.
Tillväxtpotential: Kinas metamorfos till ett konsumtionssamhälle
Kinas ekonomiska tillväxt har avtagit och exporten har sjunkit under de senaste åren med 18 %. Men den kinesiska regeringen driver en ny tillväxtmodell som syftar till att stärka den inhemska efterfrågan.
Att sporra den inhemska konsumtionen har det främjat löneökningar och tillåtit den kinesiska valutan att stärkas. Medan inhemska efterfrågan ökar bör det stärka Kinas tillväxt. Samtidigt är Kinas regering inställd på att reformera landets finansiella system.
Kinas politiska ledning syftar till att styra landet på ett långväga, stabil tillväxt naturligtvis med reformer såsom godkännande av privata banker, förstärkning av äganderätten, skapandet av en effektiv konkurrensmyndighet och omstruktureringen av det kinesiska skattesystemet.
Med över € 1000 miljarder i förvaltat kapital (30 september 2014), är Deutsche Asset & Wealth Management¹ en av världens ledande kapitalförvaltare. Deutsche Asset & Wealth Management erbjuder individer och institutioner traditionella och alternativa investeringar i samtliga större tillgångsslag. Deutsche AWM erbjuder också skräddarsydda lösningar, förmögenhetsförvaltning och private banking-tjänster till förmögna privatpersoner.
¹ Deutsche Asset & Wealth Management är varumärket på kapitalförvaltningsenheten inom Deutsche Bank-koncernen. De juridiska personer som erbjuder produkter eller tjänster inom ramen för Deutsche Asset & Wealth Management varumärke listas i kontrakt, säljmaterial och annan produktinformation.
Risker
Investerare bör notera att db X-trackers UCITS ETF:er inte är kapitalskyddade eller garanterade. Investerare bör vara införstådda med möjligheten och kunna klara av förluster på delar eller hela det investerade kapitalet.
Aktier i db X-trackers UCITS ETF:er som köps på andrahandsmarknaden kan vanligtvis inte säljas tillbaka till den aktuella fonden. Investerare måste köpa och lösa in dessa aktier på sekundärmarknaden med hjälp av en mellanhand (t.ex. en marknadsgarant eller en börsmäklare) vilket kan medföra avgifter (detta beskrivs ytterligare i gällande prospekt). Vidare kan investerare få betala än den aktuella NAV-kursen vid köp av aktier, respektive erhålla ett lägre försäljningspris än den nuvarande NAV-kursen vid försäljning av aktier i db X-trackers UCITS ETFer på sekundärmarknaden.
Investeringar i fonder innebär många risker, bland andra, generella marknadsrisker, kreditrisker, valutarisker, ränterisker och likviditetsrisker. Historisk avkastning är ingen garanti för framtida avkastning. De pengar som placeras i db X-trackers UCITS ETFer kan både öka och minska i värde och det är inte säkert att investeraren får tillbaka hela det insatta kapitalet.
Deutsche Asset & Wealth Management
Med € 955 miljarder i förvaltat kapital (per 30 juni 2014), är Deutsche Asset & Wealth Management ¹ en av världens ledande kapitalförvaltare. Deutsche Asset & Wealth Management erbjuder individer och institutioner traditionella och alternativa investeringar i samtliga större tillgångsslag. DeAWM erbjuder också skräddarsydda lösningar, förmögenhetsförvaltning och private banking-tjänster till förmögna privatpersoner.
Deutsche AWM:s passiva investeringar erbjuder institutionella kunder och privatkunder tillgång till ett brett utbud av tillgångsklasser och marknader via enkla, transparenta och kostnadseffektiva lösningar. Bland dessa återfinns börshandlade fonder (ETF:er), börshandlade råvaror (ETC:s), börshandlade certifikat (ETN:s), warranter, obligationer, fonder och privata mandat.
¹ Deutsche Asset & Wealth Management är varumärket på kapitalförvaltningsenheten inom Deutsche Bank-koncernen. De juridiska personer som erbjuder produkter eller tjänster inom ramen för Deutsche Asset & Wealth Management varumärke listas i kontrakt, säljmaterial och annan produktinformation.
Viktigt. Detta pressmeddelande har endast upprättats i informationssyfte och utgör inte ett erbjudande eller en rekommendation att ingå någon transaktion. Vi hänvisar till db X- trackers web för Faktablad och/eller Basfakta för Investerare (KIID) och/eller det fullständiga Prospektet för varje delfond för mer information om Deutsche Banks börshandlade fonder. Dessa dokument finns även tillgängliga gratis från Deutsche Bank, London Branch. Deutsche Bank AG (”DB”) är auktoriserad enligt tysk banklag (ID : 100003 behörig tillsynsmyndighet: BaFin – Den Tyska Federala Finansinspektionen) och regleras av Financial Conduct Authority (”FCA”) för den i Storbritannien bedriva värdepappersrörelsen i DB AG London Branch. DB har licens att bedriva gränsöverskridande verksamhet i hela det Europeiska Ekonomiska Samarbetsområdet (”EES”). Vi hänvisar till DB’s redovisning av licenser och gränsöverskridande tillstånd under rubriken ”European Union Regulatory Background and Corporate and Regulatory Disclosures “ vilket kan läsas på DB’s hemsida via länken https://www.db.com/en/content/eu_disclosures_uk.htm. På begäran redovisar vi omfattningen av våra licenser och tillstånd att bedriva gränsöverskridande verksamhet samt gällande regler vilka utfärdats av BaFin och/eller Finansinspektionen. Den registrerade adressen för Deutsche Bank AG, London Branch, är Winchester House, 1 Great Winchester Street, London EC2N 2DB. Direkt eller indirekt distribution av detta dokument i USA, Kanada eller Japan, eller till amerikanska medborgare eller bosatta i USA, är förbjudet.
