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published DECEMBER 22, 2009

CMS Hasche Sigle advises Sal. Oppenheim on acquisition of Gen Re Capital

Sal. Oppenheim jr. & Cie. and Kölnische Rück, part of the US-based Gen Re Group, have signed the necessary agreements for Sal. Oppenheim to acquire investment management company Gen Re Capital GmbH. A team from CMS Hasche Sigle led by Dr Malte Bruhns advised Sal. Oppenheim on all legal and tax aspects of the transaction. As a result of the acquisition, asset management mandates from institutional investors in the insurance sector totalling some EUR 11 billion will be transferred to Sal. Oppenheim. This increases institutional assets under management by Sal. Oppenheim from the current level of around EUR 42 billion to 53 billion. Going forward, Gen Re Capital will be managed under a new name as a wholly-owned subsidiary of Oppenheim Kapitalanlagegesellschaft (OKAG), which is expanding its existing institutional asset management business. Subject to approval from the supervisory authorities and Germany’s Federal Cartel Office, the transaction is expected to complete at the start of 2010. The purchase price was not disclosed. Advisers CMS Hasche Sigle: Dr Malte Bruhns, LL.M., M&A (Lead) Dr Hagen Weishaupt, M&A Dr Björn Otto, Employment Law Dr Daniel Ludwig, Employment Law Dr Lisa-Marie Koehler, Employment Law Michael Kamps, IT/IP Philipp Melzer, Bank Regulation Thomas Gerdel, Tax Dr Michael Bauer, Competition Dr Björn Herbers, Competition