[Federal Register Volume 61, Number 37 (Friday, February 23, 1996)]
[Notices]
[Page 7004]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4051]
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FEDERAL RESERVE SYSTEM
Dresdner Bank AG; Notice to Engage in Certain Nonbanking
Activities
Dresdner Bank AG, Frankfurt, Germany (Dresdner), has provided
notice pursuant to section 4(c)(8) of the Bank Holding Company Act (12
U.S.C. 1843(c)(8)) (BHC Act) and section 225.23(a)(3) of the Board's
Regulation Y (12 CFR 225.23(a)(3)), to acquire 100 percent of the
voting interests in RCM Capital Management, California Limited
Partnership (RCM Management), and RCM Capital Trust Company (RCM
Trust), both of San Francisco, California, and thereby engage in the
following nonbanking activities: providing investment and financial
advisory services pursuant to 12 CFR 225.25(b)(4); performing functions
or activities that may be performed by a trust company pursuant to 12
CFR 225.25(b)(3); and providing certain administrative services to
investment companies. These activities will be conducted worldwide.
The Board previously has determined that these activities are
closely related to banking. See 12 CFR 225.25(b)(3), and (4); Mellon
Bank Corporation, 79 Fed. Res. Bull. 626 (1993) (providing
administrative and other services to investment companies); Barclays
PLC, 82 Fed. Res. Bull. 158 (1996) (providing advisory and
administrative services to proprietary mutual funds). Dresdner would
engage in these activities in accordance with the limitations and
conditions established by the Board's regulations and orders. Dresdner
also has proposed that RCM Management be permitted to purchase for its
fiduciary accounts shares of investment companies that are advised and
administered by RCM Management. The Board previously has issued
proposed amendments to its interpretation regarding investment advisory
activities (12 CFR 225.125(g)) that would permit such purchases, under
certain circumstances. See 59 FR 67554 (December 30, 1994).
In order to approve the proposal, the Board must determine that the
proposed activities to be conducted by Dresdner ``can reasonably be
expected to produce benefits to the public, such as greater
convenience, increased competition, or gains in efficiency, that
outweigh possible adverse effects, such as undue concentration of
resources, decreased or unfair competition, conflicts of interests, or
unsound banking practices.'' 12 U.S.C. 1843(c)(8). Dresdner believes
that the proposal would produce public benefits that outweigh any
potential adverse effects. In particular, Dresdner maintains that the
proposal would not materially reduce competition in the relevant
markets and would enable Dresdner to offer its customers a broader
range of products. Dresdner also maintains that its proposal would not
result in any adverse effects.
In publishing the proposal for comment, the Board does not take a
position on issues raised by the proposal. Notice of the proposal is
published solely to seek the views of interested persons on the issues
presented by the application and does not represent a determination by
the Board that the proposal meets, or is likely to meet, the standards
of the BHC Act. Any comments or requests for hearing should be
submitted in writing and received by William W. Wiles, Secretary, Board
of Governors of the Federal Reserve System, Washington, D.C. 20551, not
later than March 8, 1996. Any request for a hearing on this application
must, as required by Sec. 262.3(e) of the Board's Rules of Procedure
(12 CFR 262.3(e)), be accompanied by a statement of the reasons why a
written presentation would not suffice in lieu of a hearing,
identifying specifically any questions of fact that are in dispute,
summarizing the evidence that would be presented at a hearing, and
indicating how the party commenting would be aggrieved by approval of
the proposal.
This application may be inspected at the offices of the Board of
Governors or the Federal Reserve Bank of New York.
Board of Governors of the Federal Reserve System, February 16,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-4051 Filed 2-22-96; 8:45 am]
BILLING CODE 6210-01-F
