DWS, Deutsche Bank's asset management arm, has leased the equity derivatives platform of French investment bank SG CIB. The move is being viewed by many as a blow to Deutsche's equity derivatives business, and a boost for proponents of open architecture. DWS is the largest fund manager in Germany.
But is it really an example of open architecture? Surely the whole point of open architecture is NOT to tie yourself to just one instituion. Also, as a few of my contacts have noted, where is the sense of tying your future to just one structurer - even if it does happen to be one of the best known names in the market?
Any thoughts appreciated...