Run on the fund

Josef Ackermann needs the PR disaster that has followed Deutsche Bank’s decision to freeze E6bn of assets in a real estate fund like a hole in the head. Howls of protest from stranded small investors and stern comments from its regulator must be embarrassing for the boss of Germany’s largest bank. One can understand why Deutsche’s DB Real Estate subsidiary decided to freeze its grundbesitz-invest fund on Tuesday. Investors started to dump their shares in the open-ended fund following rumours ...