Business · Companies · 16 hrs ago

BaFin appoints special manager to Deutsche Finance fund subsidiary

BaFin appoints special manager to Deutsche Finance fund subsidiary

Germany’s financial regulator, BaFin, has put a special representative in charge of Deutsche Finance Investment GmbH, a fund-management company in Munich.

The company manages 24 public investment funds under the Deutsche Finance Group.

Around 50,000 private investors have put €1.5 billion into those funds.

BaFin says the move is meant to protect investors and ensure the funds are managed properly.

The group is in difficulty after failed investments in US real estate, and investments by professional pension schemes are also described as at risk.

BaFin has not said what steps will follow, but its representative is now leading the fund subsidiary.

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