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Deutsche Asset Management Will Merge International Funds

Deutsche Asset Management of New York, a subsidiary of Deutsche Bank of Frankfurt, Germany, filed a preliminary proxy with the Securities and Exchange Commission May 14, seeking to merge its Flag International Equity Fund with the Deutsche Asset Management International Equity Fund.

The Flag International Equity Fund is part of a series of funds offered through BT Investment Funds of New York, a subsidiary of Deutsche Asset Management.

Deutsche included the Flag series of funds under the Deutsche Asset Management brand name earlier this month, according to the proxy. As a result, the Deutsche Asset Management family of funds offers two identical international funds, according to the proxy.

The fees and expenses of the International Equity Fund will remain the same following the merger, according to the proxy.

Year to date through May 16, the Flag International Equity Fund had approximately $13 million in assets under management while the Deutsche Asset Management International Equity Fund had $1.4 billion, according to Morningstar of Chicago.