The team of Flagship Capital Management, an asset management arm of Bank of America, is decamping to Deutsche Asset Management, the global asset management services division of Deutsche Bank, according to a source familiar with the deal.
An agreement between Deutsche and B of A was prompted by the entire team deciding to leave B of A to go to DAM, a market source said. Ty Anderson, who heads up Flagship, will become managing director and global head of syndicated loans at Deutsche Asset Management. The transition of the team to Deutsche is expected to happen in the next couple of weeks. Anderson could not be reached for comment.
The source said Flagship is a good fit for DAM because it is active in the CDO business and is seeking to add loans to the collateral underlying the CDOs. "The loan business is a better strategic fit to Deutsche," said the source. "On the underwriting side, the leveraged loan business is a huge part of B of A, but on the asset management side it is deemed less strategically important."
Flagship became an affiliate of Bank of America after the merger of Fleet Boston Financial and Bank of America in April 2004. Spokesmen at B of A and Deutsche Bank could not be reached.
