Zurich Forms Scudder Kemper Investments

Zurich Group, Switzerland’s largest insurance company, said it had completed the formation of New York-based Scudder Kemper Investments Inc., an investment group with more than $200 billion in assets under management. Scudder Kemper Investments is the result of Zurich Group’s acquisition in June of U.S. asset management and mutual fund company Scudder, Stevens & Clark in a deal worth about $2.4 billion. Zurich Group said at the time it intended to combine the activities of Scudder, Stevens & Clark with those of Zurich Kemper Investments, the Chicago-based asset manager that Zurich acquired in January 1996. Zurich Group will own about 69.5% of Scudder Kemper Investments, with the remainder held by senior employees of Scudder Kemper.