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Alternative Market Briefing

Hedge funds pull back from Deutsche Bank

Friday, September 30, 2016

Bailey McCann, Opalesque New York:

Hedge funds are pulling some of their business from Deutsche Bank, according to a Bloomberg report. People familiar with the matter say that some 10 funds including Millennium Partners, Capula Investment Management and Rokos Capital Management, had cut their exposure to Deutsche Bank following concerns about the banks capitalization in light of recent fees levied over the bank's mortgage business.

Shares in the bank continued to fall today on the New York exchanges, losing approximately 7 percent of their value by market close. Thank bank hit a 33-year low earlier this week.

As shares fell, the bank released a statement reaffirming its position - "Our trading clients are amongst the world's most sophisticated investors. We are confident that the vast majority of them have a full understanding of our stable financial position, the current macro-economic environment, the litigation process in the U.S. and the progress we are making with our strategy," the statement said.

Most of the bank's 200 derivative clients made no changes to their business relationships with the bank. Deutsche Bank currently has approximately $16 billion in available equity, and is facing fines of up to $14 billion for its mortgage business practices.

Deutsche Bank and Commerzbank held talks in August a......................

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